Liquidation of Company Trusts

The judgment of Independent Contractor Services (Aust) Pty Limited ACN 119 186 971 (in liquidation) (No 2) [2016] NSWSC 106, delivered on 23 February 2016, held that a liquidator appointed to a company, which acts solely as the corporate trustee of a trust, must: 1. approach the Court to obtain approval of the liquidator’s remuneration and the liquidator’s disbursements (which the liquidator has a right of indemnity for in priority to trust creditor claims); and 2. distribute trust assets to creditors equally, including employee claims, with no special priority as set out in the statutory order of priority codified by section 556 of the Corporations Act 2001 (Cth). (more…)

By Renee Stevens, ago
debt recovery

Debt recovery – A practical guide

HOW DO YOU RECOVER A DEBT THAT REMAINS OUTSTANDING PAST THE SPECIFIED TERMS/DATE OF PAYMENT? Each customer will respond in a different way to phone calls, demands, legal proceedings, entry of Court judgments and enforcement of judgments, which may be by way of bankruptcy proceedings on an individual, or liquidation/winding up proceedings on a company debtor. (more…)

By admin, ago