The recent High Court decision in Bryant v Badenoch Integrated Logging Pty Ltd [2023] HCA 2 (“Bryant”) has abolished the ‘Peak Indebtedness Rule’ and significantly altered the application of the ‘Running Account’ Defence to unfair preference…
Statutory Demands – What is it, and what do you need to do if you receive one?
In cases of insolvency, a company lacks the capacity to settle its debts promptly when they come due. During such circumstances, creditors of the insolvent company have several options to assert their rights, one of which…
Examination Powers Under Section 81 of the Bankruptcy Act 1966
The Bankruptcy Act 1966 (Cth) provides a comprehensive framework for the administration of bankruptcy in Australia. One of its key provisions, Section 81, grants the Court and the Registrar significant powers to summon individuals for examination…
How to deal with a DPN post-resignation
Dealing with a DPN post-resignation Former directors who receive a Director Penalty Notice (“DPN”) in respect of a company’s tax or superannuation liabilities are often placed in a difficult situation, especially where the current management of…
How do I end my bankruptcy early without paying all of my debts in full?
When a person becomes a bankrupt, ordinarily they will be discharged at the end of the period that is 3 years from the date that they filed their statement of affairs with the Australian Financial Security…