Category: Insolvency Law

Carry-back of income tax losses

The 2020-21 Federal Budget papers released on 6 October 2020 contained a potentially significant measure relating to the carry-back of company income tax losses to prior years, as explained in this note.

Everlyte Ltd and Registrar of Personal Property Securities [2020] AATA 2584

PERSONAL PROPERTY SECURITIES REGISTER (PPSR) – Applicant registered security interest in collateral (helicopter) – helicopter stolen and sold to other party – other party on-sold helicopter to third party and applied to register financing change statement to end applicant’s interest – meaning of “security interest” – decision affirmed

The Virgin administrations: adjustments to process in times of COVID-19

Administrations of companies in group – COVID-19 – meetings of creditors and of committee of inspection conducted by telephone or audio-visual conference only – amendment to procedure for selecting committee of inspection – extension of relevant time periods for responding to requests from creditors and to give notice to lessors of property possessed by the company

Phoenixing amendments take effect

The Treasury Laws Amendment (Combating Illegal Phoenixing) Act 2020 (Cth) received Royal Assent on 17 February 2020. A number of important measures targeted at ‘phoenix activity’ have now taken effect, including the duty imposed on company officers to prevent ‘creditor-defeating dispositions’.