News & Updates

  • 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: Searches of the register attract a fee (starting from $3.70 for a basic search).

  • 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:

  • 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.

  • Australian Taxation Office - Statutory Garnishee Notices 01-09-2011

    The Commissioner of Taxation (“Commissioner”) has a number of options to enforce the collection of outstanding company taxation debts. An option that we are seeing being used more often by the Commissioner is the issuing of a “Garnishee Notice”. A Garnishee Notice to an entity (including an individual) owing money to the tax payer directs that debtor to remit that money to the Commissioner and not the taxpayer.

  • Tax Changes - Expansion of Director Liability Provisions 01-09-2011

    In the May 2011 Federal Government budget, the Government announced further measures to strengthen the Taxation Legislation to counter “fraudulent corporate phoenix activity”. The Government describes this activity as involving:

  • Major Change to Registering Security Interests – Personal Property Securities Reform Peter Hillig 06-06-2011

    PPS stands for Personal Property Securities.  Arguably, it is the most fundamental change to company law since the introduction of the voluntary administration regime in 1993.  It is set to commence in October 2011.

  • Recent Developments in ATO Debt Collection Powers and Changes to Bankruptcy Law Peter Hillig 02-08-2010

    1. Changes to ATO Director Penalty Notices There have been recent amendments to the Income Tax Assessment Acts in regard to unpaid company taxes. The amendments have been consolidated under the Tax Laws Amendment (Transfer of Provisions) Act 2010 which came into effect on 1 July 2010.

  • Professional Advice re Solvency of Business Peter Hillig 03-05-2010

    Directors of a company are under a positive obligation to ensure that the company does not trade whilst it is insolvent. Should the company continue to trade whilst it is deemed insolvent directors may attract a personal liability for all unpaid debts incurred during the period of insolvency.

  • Professional Service Provider in Phoenix Activity Peter Hillig 05-01-2010

    The Australian Securities and Investments Commission (“ASIC”) has recently taken action against a Sydney Lawyer for his “involvement” in phoenix activities by the directors of eight (8) companies.

  • Valuations and Family Law Peter Hillig 01-09-2009

    The issue of valuing businesses and minority shareholdings in closely held family companies is an interesting area for valuers preparing a valuation for use in Family Court proceedings.

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