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What’s Happened to the Subcontractor Charge?

Relax. Subcontractors can still become secured creditors and protect their hard earned. The Subcontractor Charges Act can now be found in chapter 4 of the Building Industry Fairness (Security of Payment) Act 2017 (Qld) (“BIFA”). It is more or less the same process as before. Time limits and attention to technical detail remain very important. … Read more

RESPONDING TO A STATUTORY DEMAND- A MESSAGE WORTH REPEATING

Options: From the date you receive the statutory demand you have 21 days to respond to it by: a. Paying the debt; b. Reaching some resolution with the creditor; or c. Bringing an application to set aside the statutory demand. Preliminary steps: 1. You should firstly confirm the date the statutory demand was received and … Read more

14 Indicators of Insolvency

  The list comes straight out of ASIC v Plymin, Elliott & Harrison [2003] 21 ACLC 700 and has been quoted a further 29 times in subsequent cases and is the checklist that almost every liquidator goes off. 1. Continuing losses. 2. Liquidity ratios below 1. 3. Overdue Commonwealth and State taxes. 4. Poor relationship with … Read more

Independence is Decisive in the Choice Between Liquidators

Where a voluntary administrator is appointed after  a winding up application is filed and the matter is contested the Court will often be faced with a decision as to let the incumbent administrator continue as liquidator or appoint the creditor’s preferred choice. This West Australian case is the most recent decision on point in favour … Read more