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A corporate trustee in liquidation may not retain the power of sale

Australia - May 9 2013 It is well established that if a trustee company goes into liquidation then: the company retains: its right to indemnity out of the assets of the…

Administrators use Section 447D of the Corporations Act to secure an order allowing the sale of unclaimed plant and equipment although listed on the PPS Register

Australia - November 26 2012 The evidence before the court established that:there were 995 registrations on the Personal Property Securities Register ("PPSR"); even after writing to all creditors who had an interest recorded in the PPSR about 80 of secured creditors had failed to respond; and the administrators also wrote to a number of financiers, advertised in national and state newspapers and sent an email to 3000 creditors but 3685 items of plant and equipment remained unclaimed (representing 77 of the items of plant and equipment identified by the administrators).

Limiting an administrator's liability- section 447a of the Corporations Act

Australia - January 22 2013 Although section 443A(1) of the Corporations Act ("the Act") provides that Administrators are liable for the debts they incur in the performance of…

A charge may be rectified after the debtor has been placed in liquidation or administration

Australia - November 9 2012 In Saraceni v Mentha [No.2] [2012] WASC 336 a director sought to challenge the appointment of receivers to Westgem Investments Pty Ltd under a fixed and floating charge.

Draft tax determination clarifies a receiver's CGT obligations

Australia - October 30 2012 Application of the section extends to liquidators, receivers and administrators by virtue of the extended definition given to the term "trustee" in section 6(1) of the ITAA.