Urgent expressions of interest | MyHouse

By William Buck on 24/03/20 - Mins to read: < 1 minute

MyHouse (Aust) Pty Limited (Administrators Appointed) "MyHouse" Michael Brereton and Sean Wengel as administrators of MyHouse seek urgent expressions of interest in MyHouse’s business through: The acquisition of the business and assets or The recapitalisation by way of a Deed of Company Arrangement MyHouse have been creating quality bedding and...
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Insolvent Trading: the consequences for directors

By William Buck on 24/03/20 - Mins to read: < 1 minute

It is widely considered that Australia’s insolvent trading laws are draconian compared to many of our major trading partners. Historically the insolvent trading laws were merely a theoretical concern for directors, due to lack of enforcement and lack of funding for liquidators to pursue directors who may have breached these...
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When is a trustee’s work done? A registered trustee’s perspective

By Sean Wengel on 24/03/20 - Mins to read: < 1 minute

This article was originally published in the Australian Financial Security Authority PIR Newsletter on 4 December, 2019 (Volume 17, Issue 4). Registered trustee Sean Wengel of William Buck shares his perspectives on the powers and obligations of trustees well after a regulated debtor is discharged from bankruptcy. A trustee might...
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The 7 red flags of illegal phoenixing

By Sean Wengel on 24/03/20 - Mins to read: < 1 minute

Illegal phoenix activity involves the process of deliberately liquidating a company to defeat creditors. A company’s assets are stripped and then transferred with minimal consideration, to a new entity for the purpose of carrying on a new business. Illegal phoenix trading carves a trail of destruction through entire industries, costing...
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Unfair preference payments- protect yourself from the void

By William Buck on 24/03/20 - Mins to read: < 1 minute

What are unfair preference claims? A preference is defined as where a creditor receives payment and the payer is insolvent at the time, and the creditor has received more than they would have in an orderly winding up of the payer. A Liquidator of an insolvent company has the...
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