Best Business Insolvency Essay Samples

Background of Claims Against Jamie Durie1.The administrator Simon Cathroclaimed that Jamie Durie might have traded in the conditions of insolvency for last two years.The documents of court and creditors also emphasized on the collapse of his company JPD Media & Design when former licensing agent of the company Mike Curnow took legal action against the company. Under the Corporations Act 2001, a person is considered as solvent when he or sh...

Issue 1Answer: Issue 1 The first issue in this situation is to analyze the options which the administrator has will have with respect to Small Pty Ltd. The issue is also to analyze whether the company has to be liquidated. Rule Provisions in relation to solvency and insolvency have been provided though the provisions of section 95A of the Corporation Act 2001 (Cth) that a person is held to be solvent where they are able to satisfy all d...

Did the property and the risk indeed pass to Melissa, Smith and Misha once the goods were left at CTF’s delivery area?Did the property and the risk indeed pass to Melissa, Smith and Misha once the goods were left at CTF’s delivery area? According to section 22 of the Fiji risk law, a good remains at the seller’s risk until the property is transferred according to law. According to this case, the transfer of property as agr...

Act of bankruptcy and its consequencesDennis Sharp has received bankruptcy notice from the Australian Taxation Office (ATO) which claimed due taxes of $1,425,950.75. It became clear that Dennis has transferred business assets to Uruguay. In addition, Dennis and his wife were seen loading a van with furniture from their home in the night.  According to Section 40 (1) of Bankruptcy Act, 1966, when a debtor commits an act of bankruptcy if i...

Creditors’ Ranking upon Liquidation Discuss about the Meaningful Standards in Financial Planning. The Corporations Act determines which group of creditors is paid first when the company is facing insolvent liquidation. The secured creditors are rank higher than the unsecured in priority of payment; for example, banks. It is because the unsecured creditors have no security over the company assets. If there are enough funds left in the comp...