Covid 19 – How do I save my business? Holding DOCAs, Safe Harbours and more….

What do you do when your customers start disappearing, business survival is uncertain and you fear that insolvency is near. Here is a very quick overview of the main legal options available as at 24 March 2020. Government measures The Federal Government is moving quickly. There has been only a short time between an announcement

Statutory Demands: What to do about post-judgment interest

A Creditor’s Statutory Demand (CSD) is a formal document which if in the proper form, and is served correctly, requires the company served to either: pay the amount demanded (which must be over $2,000) within 21 calendar days– otherwise the company will be deemed insolvent and could eventually be wound up and a liquidator appointed; or

Debtor prison – alive and well in 2016

In modern times, it is rather hard to believe that a prison term could be imposed on a person who loses a civil case and fails to pay part of the other party’s pre-litigation costs.  That possibility exists however under section 91 of the Australian Securities and Investments Commission Act 2001. That section would allow

Insurance Policy Disclosure in Insolvency Administrations

We have recently been involved in two voluntary administrations which lead to Deeds of Company Arrangement (DOCA) where a creditor sought a copy of the company’s insurance policy which they knew was in existence and which was relevant to their claim. The creditor knew of the policy’s existence due to the terms of their contract

Setting aside a Creditors Statutory Demand – how much evidence is enough evidence?

On 21 October 2013, the NSW Court of Appeal handed down its judgment in Britten-Norman Pty Ltd v Analysis & Technology Australia Pty Ltd [2013] NSWCA 344.

The matter concerned an appeal brought by the recipient of a Creditors Statutory Demand for Payment of Debt (Britten-Norman Pty Ltd – Britten Norman) against the initial decision of Black J to dismiss Britten-Norman’s application to have the Statutory Demand in question set aside.