S 588fa 3
WebMay 31, 2024 · Section 588FA(3) of the Corporations Act 2001 (Cth) (Act) provides where a transaction is part of a continuing business relationship between a company and its creditor, and the company’s net indebtedness to the creditor is increased and reduced from time to time as a result of a series of payments forming part of a running account, the ... Web1 day ago · 3 beds, 1 bath, 1008 sq. ft. condo located at 800 Captains Cove Ct #3, Salem, SC 29676 sold for $75,000 on Jan 14, 2024. View sales history, tax history, home value …
S 588fa 3
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WebJun 24, 2024 · Corporations law – Voidable transactions – Unfair preferences – "Peak indebtedness" rule – Interpretation of s 588FA of Corporations Act 2001 (Cth) – Where, … WebForm E-588, Business Claim for Refund - Instructions. This document contains line by line instructions regarding how to complete Form E-588, Business Claim for Refund of State, …
WebMar 10, 2024 · At first instance, the primary judge held the PIR continued to apply under s 588FA (3) of the Act, so the liquidators were entitled to determine the date of the first transaction in the ‘relationship’ for the purpose of the … WebMar 7, 2024 · Section 588FA (3) was to embody the “running account principle”, the purpose of which is not to maximise the potential for the claw‑back of money and assets from a …
WebFeb 8, 2024 · s 588FA(3) and the Peak Indebtedness Rule 21. Section 588FA(3) of the Act is a statutory embodiment of the “running account principle” which has long been a part of insolvency law in Australia. WebApr 14, 2024 · A key focus of the High Court’s reasoning was the statutory context surrounding section 588FA(3). In short, the peak indebtedness rule cannot be applied given its inconsistency with other legislative requirements under Part 5.7B which sets out the claw-back regime for insolvent companies, which include:
WebThe Commissioner's interpretation of s 588FA(1)(b) of the Act was subject to recent scrutiny in the Federal Court case of Kassem and Secatore v Commissioner of Taxation. 6 In that case, the liquidators of Mortlake Hire Pty Ltd (Mortlake) sought to recover two payments totalling $70,000 made on behalf of Mortlake in respect of Mortlake's ...
WebMay 21, 2024 · Under s 588FA(3) of the Act, if a company in liquidation and a supplier engaged in regular dealings – for example, periodic supplies and reciprocal payments resulting in the amount owed to the creditor increasing and decreasing over time, such that payments made during the Relation Back Period formed an integral part of a ‘continuing ... scottie baldwinWebMay 14, 2024 · The words of section 5888FA outline that where the test in s 588FA(3)(a) and (b) is satisfied, there is to be a single transaction encompassing all payments and supplies that are part of the ... prep reentry programWebSecondly, section 588FA(3) of the Act exemplifies the doctrine of ‘ultimate effect’ which acknowledges that the general body of creditors are not disadvantaged by payments … prep refrigerator turbo air 60 widthWebJan 3, 2024 · 2. As a result and pursuant to section 588FA(3), all the transactions should be treated as a single transaction by calculating their net effect, in determining whether an unfair preference was given to it. On this basis, Gunn's indebtedness to Badenoch increased in the amount approximately $158,000 and therefore there was no unfair preference. prep refrigerated table holds sheet pansprep refrigerator counter topWebJun 19, 2024 · Section 588FA (3) (a) of the Act creates an exception to an unfair preference claim, where certain transactions will not be voidable where they formed an integral part … prep refrainbowWebFeb 9, 2024 · The appeal to the High Court addressed three issues about the operation of section 588FA (3) of the Corporations Act 2001 (Cth) ( Act ): The decision of the Full Federal Court did leave open one important question; the date for the commencement of the continuing business relationship. prepreg 1080 datasheet