A proposed amendment to the Corporations Act 2001 (Cth) should now encourage all qualified advisers i.e. accountants and solicitors, to be proactive in reviewing their client’s ability to deal with corporate and personal insolvency. Continue reading
Garnishee Orders are a form of enforcement action that can be used for the recovery of debts.
Ordinarily, a court-ordered judgment is required. However, the ATO can issue a garnishee notice in relation to outstanding tax debts without a court judgment being entered. Continue reading
When is a holding company liable for the debts incurred by its subsidiary company?
Holding or parent companies control the shares of other companies, being subsidiary companies. These holding companies can be liable for the debts incurred by their subsidiary companies, without having been involved in the transaction that incurred the debt. Continue reading