Company shareholders are able to resolve by special resolution (75%) that their company be placed into voluntary liquidation pursuant to section 491 of the Corporations Act. This may occur because the company is insolvent, and directors wish to avoid any potential insolvent trading claims against them personally, or the business Read more…
In the decision of Linc Energy Ltd (In Liq)  QSC 053, Justice Jackson found that the pre-existing Queensland environmental laws have priority over inconsistent Commonwealth Corporations Act disclaimer provisions.
The matter involved the liquidator’s right under the Corporations Act to disclaim onerous property pursuant to sections 568 and 568D of the Corporations Act, and the pre-existing State-based environmental obligations imposed upon companies. (more…)
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. (more…)