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Blatant illegal phoenixing stamped out in a first for the new Anti-phoenixing Laws

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.
  • 21 Jun 2022

Media & Podcasts

Update on the 2016-2017 Annual Report of the Foreign Investment Review Board

On 8 May 2018, the Foreign Investment Review Board presented their 2016-2017 annual report to the Treasurer.
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New ‘ipso facto’ amendments provide a stay on the enforcement of insolvency termination clauses in certain circumstances

Ipso Facto Clause changes will come into effect for all contracts entered into after 1 July 2018.

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