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A common enquiry we receive at Forum Law is where a company is placed in liquidation and then a director or directors that company commence trading again under a new company.
There are two scenarios to this type of activity.
There has been a recent decision in ASIC v. Franklin (liquidator) in the matter of Walton Constructions Pty Ltd  FCAFC 85 where both scenarios have appeared to overlap. In this case the liquidators facilitated the pre-pack sale of a business and assets to a new entity, but the concern here was that the said liquidators had a prior relationship with the purchaser of the business where that purchase appeared to be undervalue. The purchaser was assigned a loan from the old company worth about $18.9 million for a mere $30,000! Whilst the court did not make a finding on the transaction, the court did make a finding that the said liquidators did have questions to answer in respect of their relationship with the purchaser.