|
Australian Insolvency Law
Australian insolvency law regulates the position of companies which are in financial distress and are unable to pay or provide for all of their debts or other obligations, and matters ancillary to and arising from financial distress. The law in this area is principally governed by the Corporations Act 2001. Under Australian law, the term insolvency is usually used with reference to companies, and bankruptcy is used in relation to individuals. Insolvency law in Australia tries to seek an equitable balance between the competing interests of debtors, creditors and the wider community when debtors are unable to meet their financial obligations. The aim of the legislative provisions is to provide: * an orderly and fair procedure to handle the affairs of insolvent companies; * to ensure a ''pari passu'' equal distribution of the assets amongst creditors; * to ensure claims against the insolvent company are resolved with the minimum of delay and expense; * to rehabilitate financially dis ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] [Amazon] |
Corporations Act 2001
The ''Corporations Act 2001'' is an Act of the Parliament of Australia, which sets out the laws dealing with business entities in Australia. The company is the Act's primary focus, but other entities, such as partnerships and managed investment schemes, are also regulated. The Act is the foundational basis of Australian corporate law, with every Australian state having adopted the Act as required by the Australian Constitution. The Act is the principal legislation regulating companies in Australia. It regulates matters such as the formation and operation of companies (in conjunction with a constitution that may be adopted by a company), duties of officers, takeovers and fundraising. Background Constitutional basis Australian corporate law was the subject of a successful legal challenge in the High Court of Australia in ''New South Wales v Commonwealth'' (1990) ('The Corporations Act Case'). In that case, the Commonwealth was found to have insufficient power to leg ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] [Amazon] |
Federal Court Of Australia
The Federal Court of Australia is an Australian superior court which has jurisdiction to deal with most civil disputes governed by federal law (with the exception of family law matters), along with some summary (less serious) and indictable (more serious) Criminal law, criminal matters. Cases are heard at first instance mostly by single judges. In cases of importance, a full court comprising three judges can be convened upon determination by the Chief Justice. The Court also has Appellate court, appellate jurisdiction, which is mostly exercised by a Full Court comprising three judges (although sometimes by a panel of five judges and sometimes by a single judge), the only avenue of appeal from which lies to the High Court of Australia. In the Australian court hierarchy, the Federal Court occupies a position equivalent to the supreme courts of each of the states and territories. In relation to the other courts in the federal stream, it is superior to the Federal Circuit and Family ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] [Amazon] |
Locus Standi
Locus (plural loci) is Latin for "place". It may refer to: Mathematics and science * Locus (mathematics), the set of points satisfying a particular condition, often forming a curve * Root locus analysis, a diagram visualizing the position of roots as a parameter changes * Locus (archaeology), the smallest definable unit in stratigraphy * Locus (genetics), the position of a gene or other significant sequence on a chromosome Humanities and social science * Locus (rhetoric), another name for a literary or rhetorical ''topos'', a method of constructing an argument * Locus of control, the degree to which people have control over events * Method of loci, a mnemonic system that uses the spatial memory of a familiar place to enhance recollection Computing * LOCUS (operating system), a distributed OS developed at UCLA, notable for single-system image idea * Locus Computing Corporation (1982–1995), commercialized the LOCUS distributed operating system developed at UCLA * Locus ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] [Amazon] |
Administration (law)
As a legal concept, administration is a procedure under the insolvency laws of a number of common law jurisdictions, similar to bankruptcy in the United States. It functions as a rescue mechanism for insolvent entities and allows them to carry on running their business. The process – in the United Kingdom colloquially called being "under administration" – is an alternative to liquidation or may be a precursor to it. Administration is commenced by an administration order. A company in administrative receivership is operated by an administrator (sometimes referred to as a receiver and manager) (as interim chief executive with custodial responsibility for the company's assets and obligations) on behalf of its creditors. The administrator may recapitalize the business, sell the business to new owners, or demerge it into elements that can be sold and close the remainder. Most countries distinguish between voluntary (board-decided) and involuntary (court-decided) receivership. I ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] [Amazon] |
Board Of Directors
A board of directors is a governing body that supervises the activities of a business, a nonprofit organization, or a government agency. The powers, duties, and responsibilities of a board of directors are determined by government regulations (including the jurisdiction's corporate law) and the organization's own constitution and by-laws. These authorities may specify the number of members of the board, how they are to be chosen, and how often they are to meet. In an organization with voting members, the board is accountable to, and may be subordinate to, the organization's full membership, which usually elect the members of the board. In a stock corporation, non-executive directors are elected by the shareholders, and the board has ultimate responsibility for the management of the corporation. In nations with codetermination (such as Germany and Sweden), the workers of a corporation elect a set fraction of the board's members. The board of directors appoints the ch ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] [Amazon] |
Australian Securities And Investments Commission
The Australian Securities and Investments Commission (ASIC) is an independent commission of the Australian Government tasked as the national corporate regulator. ASIC's role is to regulate company and financial services and enforce laws to protect Australian consumers, investors and creditors. ASIC, which reports to the treasurer, was established on 1 July 1998 following recommendations from the Wallis Inquiry. Areas of responsibility ASIC's authority and scope are determined by the ''Australian Securities and Investments Commission Act 2001''. ASIC's areas of responsibility include: *corporate governance *financial services *securities and derivatives *insurance *consumer protection *financial literacy ASIC's consumer websitwww.moneysmart.gov.auwas launched on 15 March 2011. MoneySmart replaced ASIC's two previous consumer websites, FIDO and Understanding Money. MoneySmart aims to help people make good financial decisions by providing free, independent and unbiased inform ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] [Amazon] |
Special Resolution
In business or commercial law, an extraordinary resolution or special resolution is a resolution passed by the shareholders of a company by a greater majority than is required to pass an ordinary resolution. The precise figures vary in different countries, but commonly an extraordinary resolution must be affirmed by not less than 75% of members casting votes, whereas an ordinary resolution only requires a bare majority. Some jurisdictions use both terms, while meaning slightly different things. For example, in the United Kingdom under the Companies Act 1985, an extraordinary resolution was a resolution passed by not less than 75% of the members, whereas a special resolution was a resolution passed by the same majority, but having given the members not less than 21 days' notice of the intention to put the resolution to a vote. The distinction was not maintained under the Companies Act 2006.UK LegislationCompanies Act 1985, section 378: Notice of repeal accessed on 22 October 2024 ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] [Amazon] |
Liquidator (law)
In law, a liquidator is the officer appointed when a company goes into winding-up or liquidation who has responsibility for collecting in all of the assets under such circumstances of the company and settling all claims against the company before putting the company into dissolution. Liquidator is a person officially appointed to 'liquidate' a company or firm. Their duty is to ascertain and settle the liabilities of a company or a firm. If there are any surplus, then those are distributed to the contributories. Origins In English law English law is the common law list of national legal systems, legal system of England and Wales, comprising mainly English criminal law, criminal law and Civil law (common law), civil law, each branch having its own Courts of England and Wales, ..., the term "liquidator" was first used in the Joint Stock Companies Act 1856. Prior to that time, the equivalent role was fulfilled by "official managers" pursuant to the amendments to the Joint S ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] [Amazon] |
Liquidation
Liquidation is the process in accounting by which a Company (law), company is brought to an end. The assets and property of the business are redistributed. When a firm has been liquidated, it is sometimes referred to as :wikt:wind up#Noun, wound-up or dissolved, although Dissolution (law), dissolution technically refers to the last stage of liquidation. The process of liquidation also arises when customs, an authority or Government agency, agency in a country responsible for collecting and safeguarding Duty (economics), customs duties, determines the final computation or ascertainment of the duties or drawback accruing on an entry. Liquidation may either be compulsory (sometimes referred to as a ''creditors' liquidation'' or ''receivership'' following bankruptcy, which may result in the court creating a "liquidation trust"; or sometimes a court can mandate the appointment of a liquidator e.g. ''wind-up order'' in Australia) or voluntary (sometimes referred to as a ''sharehold ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] [Amazon] |
The Sydney Morning Herald
''The Sydney Morning Herald'' (''SMH'') is a daily Tabloid (newspaper format), tabloid newspaper published in Sydney, Australia, and owned by Nine Entertainment. Founded in 1831 as the ''Sydney Herald'', the ''Herald'' is the oldest continuously published newspaper in Australia and claims to be the most widely read masthead in the country. It is considered a newspaper of record for Australia. The newspaper is published in Compact (newspaper), compact print form from Monday to Saturday as ''The Sydney Morning Herald'' and on Sunday as its sister newspaper, ''The Sun-Herald'' and digitally as an Website, online site and Mobile app, app, seven days a week. The print edition of ''The Sydney Morning Herald'' is available for purchase from many retail outlets throughout the Sydney metropolitan area, most parts of regional New South Wales, the Australian Capital Territory and South East Queensland. Overview ''The Sydney Morning Herald'' publishes a variety of supplements, including ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] [Amazon] |
Parliament Of Australia
The Parliament of Australia (officially the Parliament of the Commonwealth and also known as the Federal Parliament) is the federal legislature of Australia. It consists of three elements: the Monarchy of Australia, monarch of Australia (represented by the Governor-General of Australia, governor-general), the Australian Senate, Senate (the upper house), and the Australian House of Representatives, House of Representatives (the lower house).''Australian Constitution's 1– via Austlii. The Australian Parliament combines elements from the British Westminster system, in which the party or coalition with a majority in the lower house is entitled to form a government, and the United States Congress, which affords equal representation to each of the states, and scrutinises legislation before it can be signed into law. The upper house, the Senate, consists of 76 members: twelve for each States and territories of Australia, state, and two for each of the self-governing States and terr ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] [Amazon] |
Supreme Court Of Western Australia
The Supreme Court of Western Australia is the highest state court in the Australian State of Western Australia. It has unlimited jurisdiction within the state in civil matters (although it usually only hears matters involving sums of or more), and hears the most serious criminal matters. Structure The Supreme Court consists of a General Division (equivalent to the Trial Division in other states) and the Court of Appeal. The General Division deals with serious criminal matters, civil cases where the dispute is of a complex nature or the amount claimed is greater than $750,000, criminal appeals from the Magistrates Court and appeals from other bodies such as the State Administrative Tribunal. The General Division sits in the David Malcolm Justice Centre for civil proceedings and the District Court of WA Building and the original Supreme Court Building for criminal proceedings. The Court of Appeal hears both civil and criminal appeals from cases in the General Division, the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] [Amazon] |
