Obscured address on envelope sinks ATO winding up order against a company
A recent Federal Court decision has seen it dismiss a Deputy Commissioner’s application for an order that a company be wound up in insolvency essentially on the basis that the ATO had not complied with s 109X of the Corporations Act 2001 and s 28A of the Acts Interpretation Act 1901. The company had a ...more
Insolvency practitioners and new independence requirements
The Accounting Professional & Ethical Standards Board (APESB) yesterday [Tue 22.9.2009] released APES 330 Insolvency Services which sets out mandatory new independence requirements for insolvency practitioners. The APESB said the Standard requires accountants to determine any threats to their independence prior to accepting an insolvency appointment and to complete a declaration covering independence, relevant relationships ...more
Insolvency practitioners and new independence requirements: revised Standard APES 330 released
The Accounting Professional & Ethical Standards Board (APESB) yesterday [Tue 22.9.2009] released APES 330 Insolvency Services which sets out mandatory new independence requirements for insolvency practitioners. The APESB said the Standard requires accountants to determine any threats to their independence prior to accepting an insolvency appointment and to complete a declaration covering independence, relevant relationships ...more
Directors Beware
The Federal Court recently ordered the Commissioner to refund payments made by a company when it was insolvent.
It also held that the directors of the company at the payment time must indemnify the Commissioner a percentage of the refund in respect of any loss resulting from the order. Directors must know their obligations under the Corporations Act 2001.
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