Australia – Latest Insolvency Cases October 2012

Insolvency Practitioners — Does the Commissioner of Taxation and Qantas Case mean that GST Liability is a Debt Provable in the Liquidation and Not a Personal Liability of the Insolvency Practitioner?

Special Purpose Voluntary Administrators — Hughes as administrator of Westgem Investments Pty Ltd and Receivers and Managers of Westgem Investments Pty Ltd — An Option for the Courts but it plays havoc with the speedy goals of voluntary administration.

Is the work in progress charged by an insolvency practitioner an asset of the company that employs him to provide those services — and therefore caught by a fixed and floating charge when it became enforceable? Or is it an asset of the insolvency practitioner that he owns?

Hughes as Administrator of WESTGEM INVESTMENTS PTY LTD (Receivers and Managers Appointed) -v- THE RECEIVERS AND MANAGERS OF WESTGEM INVESTMENTS PTY LTD (Receivers and Managers Appointed) (Administrator Appointed) [No 3] [2012] WASC 360

Section 477(2B) — A Refresher on Principles about Litigation Funding Agreements.

Jones, Saker, Weaver and Stewart (Liquidators), In the matter of Great Southern Limited (in liq)(Receivers and Managers Appointed) [2012] FCA 1072

A litigation funding agreement, as framed and considered in INTERNATIONAL LITIGATION PARTNERS PTE 
LTD
AND CHAMELEON MINING NL (RECEIVERS AND 
MANAGERS APPOINTED) was not a financial product which required the litigation lender to be registered under Chapter 7 of the Corporations Act
A tip — if there is anything that you want to look at closely in this video use the pause button. The video is designed to give you a quick overview so that you can then linger over any material that you particularly want to look at.

Paul Fordyce
Managing Director
Pmf Legal Limited
Sydney. Australia.
8 October 2012

2 thoughts on “Australia – Latest Insolvency Cases October 2012

  1. AUSTRALIA – LATEST KEY INSOLVENCY CASES No.1 October 2012 Does the Cmr of
    Taxataion v Qantas Case Mean GST Liability is a Debt Provable in the
    Liquidation and Not a Personal Liability of the Insolvency Practitioner?
    QANTAS JET Qantas Airways Limited v Commissioner of Taxation [2011] FCAFC
    11 Division 58 – Representatives of incapacitated entities of A NEW TAX
    SYSTEM (GOODS AND SERVICES TAX) ACT 1999 QANTAS JET The exception for
    liability for an insolvency practitioner is in s.58.10(2)(a):

  2. (cont) “Exceptions for certain taxable supplies (2) This section does not
    apply to the GST payable on a * taxable supply to the extent that one or
    more of the following apply: (a) the incapacitated entity received the
    consideration for the supply before the * representative became a
    representative of the incapacitated entity;

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