Creditors Claiming Set-Offs to Unfair Preference Claims by Liquidator
On 5 March 2015 the District Court handed down its decision in the case of Morton v. Rexel Electrical Supplies Pty Ltd [2015] QDC 49 (Morton) whereby it held that a creditor who is required to pay back into the liquidation an unfair preference payment made to it pursuant to section 588FE of the Corporations…
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Insolvency laws are changing
As part of the National Innovation and Science Agenda, the Government is proposing to reform existing insolvency laws. The Government’s aim is to encourage entrepreneurship and innovation by: • reducing the current default bankruptcy period from three years to one year, and • introducing a ‘safe harbour’ for company directors from personal liability where a…
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- Bankruptcy
Excluded work under the Building and Construction Industry Payments Act 2004 (Qld)
Take home points 1. The Building and Construction Industry Payments Act 2004 (Qld) creates a regime where parties are able to seek security of payment for “construction work” under construction contracts in Queensland. 2. BCIPA does not apply to “construction work” which is the extraction of minerals, or drilling for oil or natural gas. 3.…
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Unfair contract provisions will extend to small business
The recently passed Treasury Legislation Amendment (Small Business and Unfair Contract Terms) Act 2015 (Cth) extends the unfair contracts protections in the Australian Consumer Law to small businesses. The amendments will apply to a standard form contract entered into or renewed on or after 12 November 2016, where: • it is for the supply of…
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