Regulation/Legislation

Orders in after first win for anti-phoenixing laws

PKF partner Glenn Franklin. PKF partner Petr Vrsecky. Following their historic win in the Supreme Court of Victoria last month, two PKF Melbourne partners have secured orders in respect of the court’s finding that a business sale agreement constituted a creditor-defeating disposition and an illegal phoenix transaction within the meanings of ss 588FDB and 588FE(6B) of the Corporations Act 2001. As many iNO readers will…

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Compliance boffins discover unregulated microcosm

ASIC chairman Joe Longo. One should never under-estimate ASIC for making much of little, particularly in regards to the imposition of compliance where experienced professionals were previously free to call the shots without reference to rules conceived by inexperienced bureaucrats. So it was that iNO could not but be amused when browsing ASIC’s latest manifesto of intent to see that among the various new ideas…