Category Archives: Insolvent Trading

Trading whilst insolvent

Playspace Playground Pty Ltd v Osborn also considered the issue of insolvent trading.   Section 95A of the Corporations Act provides that a person is solvent:   “…if, and only if, the person is able to pay all the person’s debts, as and when they become due and payable”.     Section 95A of the ACT also provides that a person who is not solvent, is [...]
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When is a debt incurred?

This was one of the issues considered in the recent case – Playspace Playground Pty Ltd v Osborn.   As is usual a number of citations from other cases were used to decide when a debt was in fact incurred.  On reading these cases it is not as simple as you first imagine.     For instance in – Hawkins v Bank of China, Kirby’s [...]
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Pre-packaged sales – Phoenix?

Pre-packs or pre-packaged sale arrangements of insolvents have become popular in the UK and US.  Indeed in the UK there is a dedicated web site, promoting an attemp to match buyers and sellers of insovent businesses and distressed assets.  The Insolvency Service in the UK defines a pre-pack as an arrangement under which the sale [...]
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