The voidable transaction regime under Part 5.7B of the Corporations Act 2001 (Cth) (the Act) provides a framework for liquidators to pursue recovery action against parties who have received property or some form of benefit from an insolvent company. In turn, the...
ClarkeKann is gearing up for continued growth in the financial services sector with the internal promotion of banking and financial services lawyer Elouise Monck to Partner. The move offers ClarkeKann clients even greater legal insight and incisive solutions for...
The Duties Act 1997 and the Land Tax Management Act 1956 have been recently amended to state that discretionary trusts will be deemed to be a 'foreign trust' if the terms of the trust do not prevent, under an irrevocable clause, a foreign person from being a...
Introduction For many people, the purchase of a residential property represents the biggest purchase of their lives. Although such transactions are reasonably straight forward, sometimes things can go wrong and can become very complicated. Recently the NSW Court of...
ClarkeKann has strengthened its teams with new senior appointments and internal promotions. The corporate and commercial practice has welcomed new Special Counsel Elouise Monck and Senior Associate Patricia Martins, whilst also promoting team members Alison Rees to...
The Federal Government has announced new insolvency reforms that are intended to give businesses more control over how they restructure debts in recovering from the COVID-19 financial downturn. These reforms are especially important with the temporary protections for...
In what for many was a controversial move in the first place, amendments to insolvency and corporations laws (Relief Laws) have now been extended to 31 December 2020.The Relief Law were initially enacted in March 2020 in response to the COVID-19 pandemic and were due...
Currently, due to the pandemic, there are a number of restrictions in place that make it impractical or undesirable for lenders to recover outstanding debts. These protections will expire in September 2020, which will place additional pressure on borrowers to meet...
Introduction Many businesses are in the process of assessing how sustainable continued operations will be after the COVID-19 pandemic ends. With temporary protections under the Corporations Act, such as changes to the insolvency rules, coming to an end on 25 September...
Administrative changes coming to your business The Federal Government has recently announced the Modernising Business Registers (MBR) program. The MBR consists of a legislative package of five bills, collectively known as the Registries Modernisation Law (RML). It is...
On 1 July 2020 the Treasury Laws Amendment (2019 Measures No. 3) Bill 2019 came into force. This Bill reformed the Income Tax Assessment Act 1936 (Cth) (ITAA), and was intended to limit the amount of tax concessions available to minors for income from a testamentary...
Social media is an important medium for businesses to market brands and products to a wider audience. Up until now, businesses have been relatively shielded from liability for defamation for third party comments made on social media pages that a business maintains....