Insights

Distressed asset sales & insolvency regimes

Insolvency sales have their own unique issues, but the agenda is always clear - maximise return to creditors.

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Australia’s foreign investment laws: a guide for foreign investors and their counsel

When a transaction with a direct or indirect connection to Australia is proposed, foreign investors and their counsel should consider whether notification is required or advisable.

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Private Equity Tax Determinations

On 26 October 2011, the Commissioner of Taxation issued Taxation Determinations TD 2011/24 and TD 2011/25, dealing with the source of income and availability of tax treaty benefits, respectively...

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Turning income into capital or capital into income

Can a trustee treat receipts or outgoings as being on capital or income account irrespective of the nature of the receipt or outgoing? Legal and tax advisers have expressed various views on the...

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Ambiguous fee arrangements: how courts can read them narrowly

The decision of the NSW Court of Appeal in JP Morgan Australia Ltd v Consolidated Minerals Pty Ltd [2011] NSWCA 3 on 8 February 2011 emphasises the extent to which the Courts are prepared to read...

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Handling confidential, price sensitive information: principles of good practice

Chartered Secretaries Australia and the Australasian Investor Relations Association have issued guidance on handling confidential, price-sensitive information. This is in response to ASIC's...

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Liquidator's lien prevails over secured creditor

Stewart v Atco Controls Pty Ltd (In Liquidation) [2014] HCA 15 ("Atco") -- In a good outcome for Liquidators and litigation funders, Atco has overturned a unanimous decision of the Victorian Court

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Third party payments as unfair preferences

Following the 1997 decision in Re Emanuel (No 14) Pty Ltd, it became clear that payment by a third party (C) of an unsecured debt due by A to B could be classified as an unfair preference in...

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Low hurdles to extend price signalling laws to other sectors

On 6 June 2012, the new anti-competitive price signalling laws will come into effect. While the Government at this stage only intends to apply these laws to the banking sector, recently proposed...

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Dividend franking - current year profits and accumulated losses

On 21 June, the Australian Tax Office (ATO) issued two draft 'fact sheets' relating to the taxation of the payment of dividends. This follows amendments to section 254T of the Corporations Act...

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FOFA: Exposure Draft of Corporations Amendment

On 29 August 2011, the Assistant Treasurer and Minister for Financial Services and Superannuation released an Exposure Draft of the Corporations Amendment (Future of Financial Advice) Bill...

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Directors take note: penalty notices to cover more company debts

On 5 July 2011, the Federal Government released the Tax Laws Amendment (2011 Measures No. 7) Bill 2011: companies' non-compliance with PAYG withholding and superannuation guarantee obligations (the

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The Centro decision - ASIC v Healey & Ors [2011] FCA 717

While there has been much press that the Centro decision has lifted the bar in relation to directors actively examining and questioning information contained in financial statements rather than...

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Are you prepared for new laws set to affect executive remuneration practices?

The Corporations Amendment (Improving Accountability on Director and Executive Remuneration) Bill 2011 was introduced before Parliament on 23 February 2011. As the debate on the Bill was adjourned...

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Comments on Proposed ASX Listing Rules Amendments

JWS made a submission to ASX commenting on the consultation paper and exposure draft relating to proposed amendments to the ASX Listing...

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Consultation Paper 155: ASIC'S proposed new guidance on prospectuses

On 12 April ASIC issued a Consultation Paper and draft Regulatory Guide concerning new proposals to give guidance on the ...clear, concise and effective... requirement for prospectuses, as well as...

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FOFA: Wholesale v Retail Options Paper

In January 2011, Treasury released an Options Paper on the wholesale v retail client distinction, as part of the Future of Financial Advice (or FOFA...

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Improving the taxation of trust income - release of discussion paper

On 4 March 2011, the Australian Government released a discussion paper on Improving the taxation of trust income (Discussion Paper). This followed the announcement by the Assistant Treasurer on...

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Price disclosure laws - coming to an industry near you...

On 24 March 2011, the Federal Government introduced the much-debated anti-competitive price disclosure Bill into Parliament....While the law is intended to apply to the banking sector only, there...

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Revised ASIC guidance on related party transactions and experts

On 30 March 2011, the Australian Securities and Investments Commission issued updated Regulatory Guides on Related party transactions (RG 76), Content of expert reports (RG 111) and Independence of...

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What is a 'real risk of forfeiture' or a 'genuine restriction on disposal' under the new employee sh

The new employee share scheme (ESS) provisions, contained in Division 83A of the Income Tax Assessment Act 1997 (Cth) (1997 Act), apply from...

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Goodridge appeal - legal principles governing assignment and novation of contracts

The recent decision of the full bench of the Federal Court in Leveraged Equities Ltd v Goodridge1 has unanimously overturned the contentious first instance decision of Rares J2 and, in doing so...

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Goodridge v Leveraged Equities Limited: application for special leave to appeal

Mr Goodridge has lodged an application for special leave to appeal to the High Court in respect of the Full Federal Court's decision in Leveraged Equities Limited v

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Goodridge v Leveraged Equities Limited: Full Federal Court decision

The recent decision of the full bench of the Federal Court in Leveraged Equities Ltd v Goodridge1 has unanimously overturned the contentious first instance decision of Rares J2 and, in doing so...

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