News & Updates

  • Steering the Ship onto Rocks: Directors Flouting Obligations Peter Hillig 18-05-2016

    In a series of recent prosecutions, the Australian Securities & Investments Commission (“ASIC”) has bared its watchdog teeth and brought proceedings against a number of directors who have failed to comply with their statutory obligations.

  • From the Mining Boom to the Ideas Boom - What it All Means Peter Hillig 01-02-2016

    There’s been a lot of talk about innovation in the media since Prime Minister Malcolm Turnbull launched the National Innovation and Science Agenda last December. We know the economy is transitioning away from the mining boom, but what does this new political emphasis on ideas and innovation involve?

  • When is a Debt to the ATO Due and Payable Mike Smith 25-09-2015

    With the significant increase in debt collection activity by the Australian Taxation Office (ATO) in recent months, it is timely to consider some of the pitfalls negotiating a payment arrangement with the ATO might create.

  • ATO and Phoenix Activity Peter Hillig 01-07-2015

    Readers of this newsletter will be aware that both the Australian Securities & Investments Commission (“ASIC”) and the Australian Taxation Office (“ATO”) regularly investigate “Phoenix Transactions”. 

  • Unreasonable Director-related Transactions & PPSA Update 27-08-2014

    SMITH HANCOCK ANNIVERSARY We are proud to announce the 20th anniversary of Smith Hancock. After commencing practice on 1 July 1994, Mike Smith welcomed Peter Hillig as a Partner on 1 October 1999.

  • PPS and ASIC Prosecution 23-05-2014

    WELCOME TO 2014 The first half of 2014 has almost drawn to a close – how time flies. The PPSA transitional provisions have finished, and business in NSW continues to be patchy.

  • Leases and Insolvency 29-04-2013

    In this article we seek to highlight: some of the issues facing landlords as a consequence of insolvency of a corporate tenant (“the tenant”); issues arising from the appointment of an Administrator, Liquidator or Receiver and the implication(s) of the appointment from the perspective of the Corporations Act, 2001 (Cth) (“the Act”); practical steps that can be taken by the landlord to protect their interest.

  • PPS Update 01-08-2012

    The Personal Properties Securities Act 2009 (PPSA) has now been in effect for 6 months. As the end of the two (2) year transition period approaches, it will be important for Australian businesses to be aware of their rights and obligations when dealing with the enforcement of security interests pursuant to the PPSA.

  • Expansion of Director Liability Provisions (PAYG & SGC) Now Law Peter Hillig 27-07-2012

    Changes foreshadowed in our June 2012 Newsletter expanding the Director Penalty provisions contained within the Taxation Administration Act, 1953 (“TAA53”) became law (on 30 June 2012).

  • Proposed Changes to Corporations Act (Phoenix Activity) and Taxation Act (Director Penalty) 22-06-2012

    PHOENIX ACTIVITY The Federal Government considers “fraudulent phoenix activity” to be situations where a director intentionally transfers assets of a company (“transferor”), at a reduced or nominal value, to a new company controlled by that director (or his/her nominees) which effectively denies creditors access to those assets to pay the debts of the transferor company. 

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