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...Read More >
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...Read More >
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...Read More >
With great ‘creditor’ power comes great ‘external administrator’ responsibility By William Buck on 24/03/20 - Mins to read: < 1 minute Over two years ago, on 1 September 2017, new powers were granted to creditors in external administrations. William Buck welcomed the increased transparency to external administrations and the ability for creditors who may be experiencing an insolvent administration for the first time to understand their rights and the role they...Read More >
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...Read More >
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...Read More >
