Insolvency Reform – What you Need to Know
From 1 January 2021, the world of insolvency changed dramatically in Australia, with some of the most significant insolvency reforms in over 30 years coming into effect. In this article, we’ll set out briefly what you need to know about the new insolvency laws. The Main Changes The main aim of the reforms is to […]
How Do Creditors’ Meetings Work in Administration and Liquidation?
If you’re unlucky enough to be a supplier to a company that goes into external administration (specifically, administration or liquidation), then you’re probably wondering what happens next. Specifically – what is the insolvency practitioner going to do and what is your role in the process? Your role as a creditor is mostly reading reports about […]
Will Liquidators Really See an Increase in Business During the Global Pandemic?
It’s a common expectation during an economic downturn – insolvency practitioners and lawyers will see a significant uptick in work as a consequence of the failing businesses around the world that require their assistance. But is that true, and is that going to happen in the short term? As you might expect, financial distress isn’t […]
Ipso Facto Law Reform and Insolvency Clauses Going Forward
July 2018 From 1 July 2018 the ipso facto law reform has now come into force. Along with the new Safe Harbour legislation previously discussed in our newsletter, it forms part of the Federal Government’s insolvency law reform package. This means that business-to-business contracts will become much more complex if an insolvency action arises. Up […]
