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Where Will The Chips Fall?: Potential Tax Issues Arising From The Gunns Administration/Receivership

Published on 30 Nov 2012 | Took place at Sebel Launceston , TAS

    Many Tasmanian tax practitioners will have clients who are directly affected by the Gunns insolvency - whether as landowners who have leased land to Gunns and/or its associated entities, or as investors in Managed Investment Schemes (MIS) promoted by Gunns and/or its associated entities.
    It is very early in the process and we do not yet know where the chips will finally fall, and it is possible that all the issues will not be resolved for many years, perhaps after litigation has worked its way through the courts as to the myriad issues arising. Nonetheless clients are already seeking advice on the potential tax implications of their dealings with, and investments in, Gunns and/or its associated entities from a tax and legal perspective.
The purpose of this seminar was to provide information to practitioners so that they can better respond to questions from their clients, with a focus on the tax issues, but with a grounding in insolvency practice.
    Issues covered include:
  • what is the history and land area involved?
  • what has already happened?
  • what are the administrators and the receivers doing now, and what are they likely to do in the immediate future?
  • what tax decisions can properly be made in the 2012-13 financial year?
  • is it too early to write-off receivables from Gunns as bad debts?
  • what issues are there if new responsible entities are appointed to some or all of the MIS
  • what might happen to real property leased to Gunns?
  • will the leasehold interest revert to the freehold owner, and who will own the standing trees?
  • MIS investors - do they stand to lose everything?

Get a 20% discount when you buy all the items from this event.

Individual sessions

Gunns Woodlet projects

Author(s):  Bob Ruddick

This presentation covers:

  • what is the history and land area involved?
  • what has already happened?
  • what are the administrators and the receivers doing now, and what are they likely to do in the immediate future?
  • what might happen to real property leased to Gunns? Will the leasehold interest revert to the freehold owner, and who will own the standing trees?
Materials from this session:

More mixed metaphors: Can we see the wood for the trees?

Author(s):  Ross HART

This paper covers the following issues:

  • facts – receivership and administration
  • it's longer than a month already since the appointment of the administrator
  • pursuit of legal rights
  • what and whose interest
  • decisions to be reviewed
  • deed of company arrangement
  • pooling orders. 
Materials from this session: