The ATO has recently confirmed the recommencement of debt recovery actions with the easing of COVID-19 restrictions, and it appears that enforcement action by the ATO will ramp up significantly in 2022. Director Penalty Notices (DPNs) act as a mechanism for debt...
Currently, due to the pandemic, there are a number of restrictions in place that make it impractical or undesirable for lenders to recover outstanding debts. These protections will expire in September 2020, which will place additional pressure on borrowers to meet...
Various State governments are beginning to formulate plans to wind back the COVID-19 measures which have so greatly affected businesses across Australia. All things going to plan, in the coming months we hope to see an increase in at least some business’ability to...
ClarkeKann’s commitment to delivering solution-based outcomes for our clients remains at the centre of our offering. Providing qualified, trustworthy, bespoke legal advice with a particular focus across our core areas of expertise; Agribusiness, Intellectual Property...
Personal guarantees are extremely common. Chances are, one day you’ll be required to sign one –perhaps as a company director, or maybe as a parent when helping your child obtain finance for their first home. Often such guarantees are provided without much thought,...
As published in CK Momentum Issue 10 (Click here to download) Cash is the fuel that drives business, and many financial analysts consider the condition of a company’s cash flow to be one of the most important indicators of that business’s financial health. The...
As published in CK Momentum Issue 10 (Click here to download) Creditor’s statutory demands (“statutory demands”) are often used by creditors as a method of debt recovery – issued to force a debtor company into paying the debt or risk being wound up. The Courts have...
Practical Tips for Managing Debtors and Improving Cash Flow As published in CK Momentum Issue 8 (Click here to download) At a Small Business Summit in July 2015, the Commissioner for Taxation indicated the ATO will now take a more aggressive approach to debt...
WELCOME CHANGES TO THE PPSA COMMENCE TOMORROW Up until now, leases or bailments of certain serial numbered goods (such as motor vehicles) for a term of 90 days or more were deemed to give rise to security interests under the Personal Property Securities Act 2009 (Cth)...
TRICKS AND TIPS FOR LENDERS, BORROWERS AND LAWYERS Alceon Group Pty Ltd v Rose [2015] NSWSC 868 In the lending business, personal guarantees are common practice. However, any financial transaction can pose substantial risks for guarantors, lenders and lawyers. Below,...
In February 2014, Australia and New Zealand Banking Group Limited ("ANZ") appointed KordaMentha Pty Ltd ("KordaMentha") as receivers and managers of the mining services firm, Forge Group Limited ("Forge"). Forge had secured debts of approximately $500 million,...
As published in CK Momentum Issue 6 (Click here to download) ASIC'S December 2015 insolvency statistics show that corporate insolvencies in the second quarter of the 2014/15 financial year were down 20% on the same period last year. Associate, Adam Khan, queries...