Creditors in danger of repayment demands from rash of insolvencies – The Australian Financial Review

However, Ms Ball said the TMA would not insist on any exemptions to unfair preference payments that involved related party payments or phoenix transactions. “The amendment would not however, exempt those payments made by a company pre-insolvency to any related party or where there exists phoenix company-type transactions.” The government has already made significant changes…

Corporate Insolvency and Governance Bill: Company law in the time… – Trethowans

29 Jul 2020 The Corporate Insolvency and Governance Bill offers directors of struggling companies with some welcomed respite in regards to some of their decisions and action during the COVID-19 period. There is relief available with regards to personal liability for wrongful trading, voluntary moratoriums and restructuring options. Wrongful trading The impact of the COVID-19…

Singapore introduces regulatory regime for insolvency practitioners as new law comes into force – Out-Law.com

The act will make substantial changes to Singapores corporate insolvency laws in particular, while retaining most existing personal insolvency provisions. It sets out common principles and aligns procedures across the previous regimes under a single law, rationalising existing inconsistencies and minimising uncertainty that has previously existed due to cross-referencing across the various pieces of legislation.…