RSM Australia

Restructuring Insights

Restructuring Insights

When insolvency looks likely: do you need safe harbour?

10 April 2019
If you’re in touch with your company’s financial position and receive regular (if not daily) updates, you should be able to see the writing on the wall well before the situation becomes dire. But how do you know when you’ve passed the point of 'not doing well' and entered 'insolvency' territory?

WPG Resources Ltd - Update on Administration

2 April 2019
The administrators convened the second meeting of creditors for WPG Resources Limited on Monday 6 May 2019 ("Second Meeting").

WPG Resources Ltd - Update on Administration

1 April 2019
The second meeting of creditors for the WPG Group Companies has been convened by the Voluntary Administrators, Ernst and Young. Meeting will take place on Monday 6 May 2019 1:00PM (Aust Central Standard Time) at Terrace 1, Stamford Plaza, 150 North Terrace, Adelaide SA 5000

Insolvency Reform Edition 19 | Another Hole in the Corporate Veil

1 March 2019
A Bill with big consequences for company directors was introduced to the House of Representatives on 13 February 2019. It was quickly referred to the Senate Economics Legislation Committee (“the Committee”) on Valentine’s Day. The Committee is scheduled to report on the Bill on 26 March 2019.

WPG Resources Ltd - Update on Administration

28 February 2019
Following an application made to the Court, the Voluntary Administrators have been granted a further extension of time for the convening of the second creditors meeting until 29 April 2019.

Time’s up: why you may need to renew your PPSR registration

5 February 2019
Happy 7th anniversary to the Personal Property Securities Register (PPSR)!

WPG Resources Ltd - Update on Administration and Receivership

28 January 2019
On March 6 2019 WPG Resources Ltd (“WPG”) advised that ASIC had granted WPG relief from its financial reporting obligations for a period concluding on the earliest occurrence of one of the events that were included in that announcement (“Extension Period”).

WPG Resources Ltd - Extension of Time to Hold the 2018 AGM

28 November 2018
The Company currently has financial reporting deferral relief until 30 January 2019, being 6-months from the 30 July 2018 date that the Company’s Administration commenced. Click here to more information    

Insolvency Reform Edition 18 | Open Season on the Phoenix

13 September 2018
The Government has proposed radical change to combat the estimated $5.13 billion annual cost to the economy of illegal phoenix activity. The draft legislation targets directors and enablers of this activity. An expansion of director penalty regime to include GST is  also proposed.

Australia’s new ipso facto regime is up and running — are you ready?

27 August 2018
The newly-introduced ipso facto laws aim to improve the likelihood of a successful restructure by preserving the standing of contracts (and hence goodwill in contracts) after filing for insolvency. We take a closer look at the new reforms which began operation on 1 July 2018.