Hicksons continues to grow with latest round of...

The Supreme Court of Victoria recently handed down a decision in Re Intellicomms Pty Ltd (in liq)[2022] VSC 228 (Intellicomms), in what is a first for anti-phoenixing jurisprudence in Australia. The decision made findings in relation to the creditor defeating disposition provisions in the Corporations Act 2001 (Cth) (Act), which were introduced relatively recently by way of the Treasury Laws Amendment (Combating Illegal Phoenixing) Act 2019 (Cth) (Phoenixing Act). The decision in Intellicomms was the first of its kind to utilise the creditor defeating disposition amendments in the Act to hold that a transaction was a creditor defeating disposition, pursuant to section 588FDB of the Act and voidable under section 588FE(6B) of the Act. This is the first example of the new provisions combatting illegal phoenixing as was intended by the legislature.