Published on 07 Oct 06
by VICTORIAN DIVISION, THE TAX INSTITUTE
In today’s business world superior enemies often come from unexpected quarters and this particularly applies when insolvency laws have not been adequately addressed when structures have been established. For example in recent years there has been a concerted push by Government to broaden the claw back provisions upon bankruptcy. In this paper we closely examine how these new provisions operate, the planning issues that necessarily arise, opportunities for good structural defence and associated issues including:
- the extent of the Bankruptcy Act claw back provisions
- the operation of the Bankruptcy Legislation Amendment (Anti-avoidance) Act 2006
- implications of the recent High Court decision in Cummins case
- an analysis of how specific structures may be subject to challenge by bankruptcy trustees.
Michael specialises in corporate and personal insolvency law. Michael acts for Australia's leading banks and secured lenders and for liquidators,administrators and receivers advising in all aspects of corporate insolvency and workouts. He has also conducted some of Australia’s most complex bankruptcy cases. Michael regularly advises boards and directors of listed and unlisted companies in relation to their duties upon insolvency and the restructuring of financially stressed businesses. For the past four years Michael has been named in "Best Lawyers •Australia" in the Insolvency and Reorganisation category, being named Best Lawyer •Victoria for that category in 2012. He is a member of the Insolvency Practitioners Association of Australia
and of the Insolvency & Reconstruction Committee of the Law Council of Australia and the co-author of a chapter of Personal Property Securities in Australia published by Lexis Nexis.
- Current at
01 May 2008