November 2010

Last month we mentioned the imminent release of our online proxy system. We are glad to announce that this system went live through the month.

The system is designed to allow creditors of corporate administrations to lodge proxy form appointing a general proxy, or a special proxy with instructions to vote on resolutions. The system uses the updated regulations allowing electronic lodgement and online forms.

Creditors will still have the option of mailing, faxing or emailing us the standard forms.

We are also in the process of releasing our internal Income Assessment system for bankruptcy files. Contribution information will also be displayed on the File Information pages in the coming weeks.

Susan Carter, one of the founding partners in Worrells Gold Coast office, retired from practice during October due to ongoing health problems.

Susan joined Worrells with Jason Bettles in 2004 and since that time has been a driving force not only on the Gold Coast but in Worrells Australia wide.

Her enthusiasm, professionalism and down to earth approach impressed all of us who came in contact with her and she will be missed in the firm and in the insolvency profession.

Worrells holds FREE seminars on insolvency and related topics in February, May, August and November each year. Anyone interested in these topics is welcome to attend.

Details of these free seminars can be found on the Coming Events page on our web site.

From the moment I picked your book up until I laid it down I was convulsed with laughter. Some day I intend reading it.
Groucho Marx

Some readers would also be aware that the right of taking an 'insolvent trading claim' against a director (or holding company) can pass to creditors under certain conditions, but may not be aware of those conditions.

by Michael Griffin
Worrells Brisbane

Under the old legislation, a director could avoid personal liability for a company's tax debt (the directors penalty) by causing the company to enter into a 222ALA Repayment Agreement with the ATO. That is no longer the case.

by Michael Peldan
Worrells Brisbane

When ever I get appointed to a business that has numerous items leased or financed through a range of different finance companies, I start to wonder whether the owners have committed a leasing fraud on some of these financiers.

By Michael Peldan
Worrells Brisbane

Less occasionally we handle a file that contains both elements, joint bankrupts where one or both, or more of the bankrupts if there are more, are annulled from the payments of their debts. We are currently handling one such file.

by Michael Griffin
Worrells Brisbane