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Restructures, turnarounds and insolvency

Published on 01 Jun 18 by "THE TAX SPECIALIST" JOURNAL ARTICLE

The basic income tax issues associated with debt restructures or compromises are well known. More complicated are the income tax issues that arise where this is occurring in the context of an external administration, ie where an administrator, a receiver or a liquidator has been appointed. This article will cover current issues in restructures, turnarounds and insolvency, including a number of recent transactions as practical examples. The issues covered will also include an overview of the main forms of external administration, receivership and liquidation, and the key concerns from a professional administrator’s perspective. This article examines the key tax issues for borrowers and creditors, including debt restructures and forgiveness, the impact of administration and receivership, including deeds of company arrangement, tax obligations under external administration, priority of creditors and the ATO’s ability to collect tax and common traps.

 

Author profiles

Christopher Hill
Christopher has over 20 years’ experience in the restructuring and advisory sector, across a wide variety of industries and leads PPB Advisory’s Institutional Restructuring offering. In recent times, Chris’ primary roles have been in advising on or managing complex distressed situations with multiple stakeholders, particularly in the Mining, Property, Infrastructure and Private Public Partnership (PPP) sector, with clients ranging from domestic and offshore banks, hedge funds, state governments and private companies. - Current at 12 March 2018
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Julian Pinson FTI
Julian Pinson, FTI, is a Partner at Greenwoods & Herbert Smith Freehills Pty Limited. Julian advises on a wide range of tax matters, with a focus on banking and financial services, property, M&A and funds management. Julian has particular expertise in cross-border finance, TOFA, corporate restructures, debt and equity raisings and M&A. - Current at 14 January 2021
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