Investigating proof of debts and going behind court judgments
When can a liquidator (or trustee in bankruptcy) reject a proof of debt? In dealing with distressed companies and estates, liquidators and trustees are faced with competing claims and a limited number of assets in which to meet those competing claims. The situation is further complicated by the increasing costs involved in administering the estate…
Read articleSubcontractors Charges Act
Subcontractors Charges Act – The Process Subcontractors Charges Act 1974 – Building and Construction Industry Payments Act 2004 During good economic times, good contractors are hard to come by. However, when the economy starts to turn, as it has in recent years in Australia and particularly in Queensland, subcontractors are often left being owed…
Read articleExtensions of time to bring voidable transactions proceedings
Summary of key points: 1. Once appointed, a liquidator should commence investigations of any potential voidable transactions to claw back available funds. 2. If voidable transactions are identified, the liquidator must consider whether to bring proceedings within the period specified in section 588FF(3)(a)the Corporations Act – if there is not enough time to bring proceedings,…
Read articleCourt says Body Corporates can claim Legal Fees in Recovering Levies
What do you do when a lot owner stops paying their levies or contributions? What do you do if those lot owners become bankrupt or on-sell their property whilst being in arrears? The Queensland Courts have recently treated these very issues. The result was that bodies corporate may now not only pursue lot owners for…
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