Pay cut on the horizon for liquidators

On Friday, the NSW Supreme Court handed down two further decisions in its drive to hammer home to liquidators the importance of proportionality when claiming remuneration.

In both cases, his Honour Brereton J built on his earlier decision in AAA Financial Intelligence Ltd (in liquidation) (No 2) [2014] NSWSC 1270 (see update here), emphasising that hourly-rate-based charging – even if every attendance is meticulously recorded and all of the time spent can be justified – may be a wholly inappropriate basis for claiming remuneration.

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New Standard for CA / CPA Members

As you may be aware, a new Standard is about to become binding on all members of the Institute of Chartered Accountants of Australia and all members of CPA Australia.

In this regard Professional Standard APES 330 – Insolvency Services, issued by the Accounting Professional & Ethical Standards Board (APESB) in September 2009, has recently been adopted by the Institute and CPA Australia and will come into force tomorrow, 1 April 2010. Continue reading