Insolvency Practitioners

Onerous and punishing – the new unfair contract terms regime will affect thousands of businesses standard form of contracts.

Is your business prepared for the changes? 

Join us at 12pm on Wednesday, May 24th as we hear Anna Taylor – Principal at Results Legal and Jeff George – Head of

When it comes to written agreements in a commercial context, attention is often paid to the drafting and scope of terms. However, evidence suggests, that often, “incorporation” of those terms is key.  In other words, the scope of the terms has no weight if they are not properly incorporated into the contract.

Our client, a large heavy equipment supplier, sold several used items of mining equipment for use at a mine site which required commissioning.  A separate contract was also entered into between the parties for the ongoing maintenance of the equipment.

Large financial exposure is not uncommon in the mining and resources sector.

Providing specialist representation for an equipment finance company, we were approached to recover a $2.7-million debt from operator of a Western Australian coal mine.

On 1 January 2021, new insolvency reforms to support small business commenced and COVID-19 temporary insolvency protections came to an end.

This is good news for creditors who can now more easily proceed with creditor’s statutory demands in the usual course as well as bankruptcy notices, provided company debtors have not applied for temporary relief.

Large financial exposure is not uncommon in the mining and resources sector.

Providing specialist representation for an equipment finance company, we were approached to recover a $2.7-million debt from operator of a Western Australian coal mine.

In what we regard as onerous and punitive reforms, the new unfair contract terms law (UCT) coming into effect on 9 November this year will affect thousands of businesses’ standard form contracts.

Now is the time to review your terms and conditions of trade and any other standard form contracts

No matter how good a business’s systems and processes are, from time to time disputed claims are likely to arise.

Disputed claims are high risk. In addition to the principal debt being in jeopardy, potential legal costs need to be closely managed so as not to undermine the net return achieved. There are three major factors which have the greatest impact on the net outcome creditors achieve on disputed claims: determining prospects early, developing an effective strategy and considering cost/ benefit.

Disputed money claims can be a real source of pain for credit providers – whether trade creditors or financiers.

Not only do they result in a higher chance of write off, they usually carry with them the prospect of legal costs, which, if not effectively managed, can diminish at the amount of net return on the claim.

The Treasury has provided further insight this month into the operation of the proposed reforms that will see the most significant changes to the Australian insolvency framework in almost 30 years.

With a wave of insolvencies expected in 2021 as the measures introduced by the Government to combat the economic effects of COVID-19 come to an end, it is important that businesses, creditors and advisors are aware of the impact of the small business insolvency reforms.

A recent test of the ‘good faith’ defence in resisting a preference claim highlights the effectiveness of having your recovery processes in order and faithfully following them.

After pursuing a long and hard fought Supreme Court claim, our client obtained judgment for an amount of $1.64 million. Shortly thereafter, the defendant company was placed into voluntary administration by its director.

Following the first meeting of creditors, it became apparent that related parties had sufficient voting power in both number and value to successfully put up a deed of company arrangement.

In 2014, Results Legal was instructed by the trustee in Bankruptcy of former horse racing and breeding magnate, Lee James Fleming, who had previously run a horse stud in southern Victoria that was home to Bel Esprit – the sire of undefeated mare Black Caviar.

On 15 September 2021, the District Court of New South Wales handed down a judgment in Hume Plasterboards v Best Interiors[1] which reaffirmed the ‘wives’ special equity’, otherwise known as the Yerkey v Jones[2] defence. Even though the ‘wife’ (or de facto partner) of the company’s director signed a guarantee, the successful use of the defence meant that she was not liable for the debt incurred.

A recent test of the ‘good faith’ defence in resisting a preference claim highlights the effectiveness of having your recovery processes in order and faithfully following them.

Large financial exposure is not uncommon in the mining and resources sector.

Providing specialist representation for an equipment finance company, we were approached to recover a $2.7-million debt from operator of a Western Australian coal mine.

Having worked with a range of insurance companies, government agencies and large corporate partners, Results Legal has have developed systems and procedures to process large volumes of legal recovery work within a short space of time.

A recent test of the ‘good faith’ defence in resisting a preference claim highlights the effectiveness of having your recovery processes in order and faithfully following them.

A recent test of the ‘good faith’ defence in resisting a preference claim highlights the effectiveness of having your recovery processes in order and faithfully following them.

Onerous and punishing – the new unfair contract terms regime will affect thousands of businesses standard form of contracts.

Is your business prepared for the changes? 

Join us at 12pm on Wednesday, May 24th as we hear Anna Taylor – Principal at Results Legal and Jeff George – Head of

Illegal phoenix activity has become an increasingly common problem for trade creditors. Well advised directors are regularly walking away from company liabilities, only to recommence trading under a new company name.

Electronic transactions are now an everyday part of business life.

The benefits to business of embracing electronic transactions such as online credit applications and the electronic exchange of credit agreements are obvious. What is not so obvious is the new categories of risk which electronic transactions create.

The Results Legal team was recently engaged to assist one of our banking clients seize and sell land subject to first registered mortgage security.

A shipping container filled with specialised mining and drilling equipment was located on the secured property.

After taking possession of the property, our client was contacted by a third party who claimed ownership of the mining and drilling equipment.

Secured recovery actions can often involve complex and contentious situations which require attention a focus on risk management.

This was evidenced in one particular matter where our client was the mortgagee of a deceased estate.