NEW DIRECTOR RESIGNATION RULES
NEW DIRECTOR RESIGNATION RULES by Padmini Saheb Section 203AA of the Act (“Act”) provides that a Resignation of a Director will now take effect: If, within 28 days after the day the person stopped being a Director of the Company, ASIC is notified of that fact, the day the person stopped being a Director of […]
AVOIDING THE LIQUIDATOR
AVOIDING THE LIQUIDATOR by Gavin King CA A Company becomes insolvent when it is unable to repay its debts as and when they fall due. The Corporations Act 2001 provides that the Director(s) of a Company have the responsibility or obligation not to trade the business of the Company if the Company is Insolvent. This […]
SHOOT! – LIQUIDATOR’S DEALT BLOW WITH GUNNS RULING ON PEAK INDEBTNESS RULE
SHOOT! – LIQUIDATOR’S DEALT BLOW WITH GUNNS RULING ON PEAK INDEBTNESS RULE by Bradley Vos A recent judgment in the full federal Court of Australia (Badenoch Integrated Logging Pty Ltd v Bryant, in the matter of Gunns Limited (In Liq)) (“Gunns Case”) has found that a liquidator is unable to apply the ‘peak indebtness rule’ […]