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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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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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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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