The Corporations Amendment (Crowd-sourced Funding for Proprietary Companies) Bill 2017 (the draft Bill) was released on 9 May 2017 for public consultation (consultation closed on 6 June 2017). The draft Bill, if enacted, would allow "proprietary companies" which meet certain eligibility requirements to have access to crowd-sourced funding (CSF).
The Federal opposition has announced that, in government, it would crack down on the practice known in corporations law circles as "Phoenixing".
In a Media Release dated Thursday, 11 May 2017, the NSW Attorney General, Mark Speakman (the Attorney General) announced that he had asked the NSW Law Reform Commission (NSWLRC) to review ". . . important aspects of the state's laws relating to the liability of beneficiaries of trusts".
By Media Release issued on 30 April 2017, the Federal Treasurer, Mr Scott Morrison, announced that he had tasked the Productivity Commission to undertake an independent inquiry into the system used to distribute GST revenue to the states and territories, known as "horizontal fiscal equalization" (HFE), which is the method which underpins the distribution of GST revenue by the Commonwealth to the States and Territories.
In Talacko v Bennett  HCA 15 (3 May 2017), the High Court of Australia has unanimously allowed an appeal from the Court of Appeal of the Supreme Court of Victoria (see Bennett v Talacko  VSCA 179 (28 July 2016)).
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