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Insolvency - Calling in the Undertakers

Published on 31 Jul 2007 | Took place at Leonda by the Yarra, Hawthorn, VIC

Insolvency presents many challenges to accountants and lawyers. Without a knowledge of the Corporations Act, tax law, GST and stamp duty even the simplest case of insolvency can present real challenges and difficulties for people who need to make quick decisions about whether to resurrect a failing entity or whether it should be put to death by bringing in the insolvency undertakers.

Distributions from incapacitated entities also present challenges to tax advisers because there are income tax, CGT, and GST issues to deal with. Division 7A can also be a real problem if the insolvency process is not properly managed.

These important seminar materials discuss the practical effects of insolvency and taxation.

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Individual sessions

Insolvency - income tax, CGT, GST and stamp duty aspects

Author(s):  John GLOVER

The following points are covered in this paper:

  • income tax consequences of distributions by a liquidator
  • income tax consequences of private company distributions - Division 7A traps
  • capital gains tax and stamp duty consequences on distributions
  • GST issues including registration, and the roles and responsibilities of a representative
  • who is a liquidator under the tax law?
  • who is a liquidator under the Corporations Act?
Materials from this session:

Insolvency - a practical guide

Author(s):  Paul BURNESS

The following points are covered in this paper:

  • when is an entity insolvent?
  • when is voluntary administration, receivership, liquidation or deregistration most appropriate and under which circumstances?
  • how can Directors' Penalty Notices be avoided?
  • if Directors' Penalty Notices are received, how are they best dealt with?
  • how are the Court's approaching preferential payments made to the Commissioner of Taxation?
  • what is the risk of an adviser being deemed to be an officer of an incapacitated entity under the law?
Materials from this session: