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Insolvency

This comprehensive resource outlines the impact of insolvency on property transactions, highlighting the role of external administrators and the legal mechanisms that affect ownership and creditor rights. Practitioners must understand the nuances of personal and corporate insolvency and the relevant statutory requirements.

Topics Covered

  • Special conditions in a contract for the sale and purchase of residential property
  • How to check if vendor/buyer insolvent
  • Ownership and co-ownership of property

Essential Insights

  • Assess the shifting powers of vendors post-insolvency and the role of external administrators.
  • Verify insolvency status via ASIC and AFSA registers before exchange and settlement.
  • Understand statutory provisions governing trustees in bankruptcy’s property rights across jurisdictions.
  • Evaluate how bankruptcy severs joint tenancies and alters ownership structures.
  • Navigate complex corporate insolvency options, including deeds of company arrangement and schemes of arrangement.

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