High Court clarifies the scope of liquidators’ obligations to retain monies on account of tax
In Commissioner of Taxation v Australian Building Systems Pty Ltd (in Liq) [2015] HCA 28, the High Court has held that during the administration of a company, liquidators are not required to retain monies for tax until a notice of assessment has been issued by the tax office. Take-home points 1. Liquidators can confidently proceed…
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A guide to recovery of director related payments by liquidators
The Road to Recovery Upon the winding up of a company, a liquidator will often be faced with the task of recovering payments to directors or director-related entities. Especially where a company has a sole director or is a family business, these payments can often be confusing to characterise and may appear to have no…
Read articleRetention of title clauses – when are they enforceable?
Take home points 1. If your business involves the sale of goods on credit, consider including a retention of title clause to allow you the ability to retake possession of goods provided on credit if the goods remain unpaid and a purchasing company goes into liquidation. The retention clause should be properly drafted in order…
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Have you been issued with a direction to rectify by the QBCC?
Defences in QBCC recovery proceedings for payments made under the statutory insurance scheme The statutory insurance scheme Part 5 of the Queensland Building and Construction Commission Act 19911(the Act) establishes a statutory insurance scheme (also known as the Queensland Home Warranty Scheme) that provides cover for certain residential construction work valued at more than $3,300.00.…
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