News & Updates

• 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”.  Read More

• 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. Read More

• 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. Read More

• 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. Read More

• 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. Read More

• 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). Read More

• 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.  Read More

• Personal Property Securities Act ("PPSA") Now Law Rommel Alfonso 22-03-2012

  After several false starts, PPSA is now in operation! The PPS Register (“PPSR”) went live on 30 January 2012. The PPSR can be accessed at the following web address: https://transact.ppsr.gov.au/ppsr/Home. Searches of the register attract a fee (starting from $3.70 for a basic search). Read More

• March 2012 PPSA Newsletter Practical Worked Examples 22-03-2012

  In recent times, we have been including articles in our newsletters on the introduction of the PPSA. Our March 2012 newsletter makes specific reference to the terms: Read More

• PPS Reform - Understanding Security Interests: Perfection and Priorities 23-11-2011

  Our previous update on the Personal Property Securities Act (“PPS”) reforms outlined the following aspects: Background to the PPS Reform and why it is being introduced; Terminology used in the PPS legislation; and How the PPS Register will operate. Read More