Tags |
|
|
Links |
|
|
Top Adding - Superannuation Claw Backs Possible For Bankrupts In Australia
Proposed changes to Australian bankruptcy law may allow creditors to claw back superannuation contribu
According to USFDA, a combination product is one composed of any combination of a drug and device; biological product and device; drug and biological product
tions paid by a bankrupt fund member.
The proposed changes
The Australian Federal Government
The proposed changes
The Australian Federal Government
; or drug, device, and biological product and fixed dose combination would include two or more combinations of drug.
Examples of combination products may in
Examples of combination products may in
intends to amend the Bankruptcy Act 1966 Act so that a creditor can claw-back superannuation co
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
ntributions made by a person for the purpose of defeating creditors' claims if that person later becom
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
es bankrupt. The change is the government’s response to the Cook vs. Benson High Court case.
The chan
The chan
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
ges are yet to be finalised, but they will take effect on the 27th July 2007.
Currently, transfers of
Currently, transfers of
ucts have become life saving products for the pharmaceutical companies who doesn’t have many innovative molecules in their product pipeline and have been inc
property by a person who later becomes bankrupt can be set aside if the transfer was not supported by
easingly used in the product life cycle management. Even the companies having product patents are trying to extend their product life cycle through the combi
valuable or sufficient consideration, or the transfer was made to prevent the property from being ava
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
ilable to meet debts due to the bankrupt's creditors.
The aim of these changes is to prevent people w
The aim of these changes is to prevent people w
and physically. They need to rightly judge the benefits of the combination products and they have to even look at the risks involved when combining the produ
ho later become bankrupt from defeating creditors' claims by placing their assets, including cash, in
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
the hands of third parties and out of creditors' reach.
Under the new changes, the law will specifica
Under the new changes, the law will specifica
ding difficulty in defining their combination products and facing various challenges from selecting a combination to marketing it.
Following aspects would a
Following aspects would a
lly provide that superannuation contributions can be 'clawed back' in the above circumstances; and the
dd to the challenges in developing combination products:
Which markets to tap where the combination products can do fairly well?
Which combination prod
Which markets to tap where the combination products can do fairly well?
Which combination prod
Courts will be permitted to take into account a bankrupt's past history of superannuation contributio
cts are meaningful and rational?
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
ns and whether the relevant contributions are 'out of character'.
Summary
In future, it seems
Summary
In future, it seems
tions increase the patient compliance?
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
likely that persons who are insolvent wont be able to put their assets beyond the reach of creditors
t?
As combination products don't fit into the traditional categories of drugs, medical devices, or biological products, the USFDA is in the process of devel
As combination products don't fit into the traditional categories of drugs, medical devices, or biological products, the USFDA is in the process of devel
by making 'out of the ordinary' superannuation contributions. However, the primary consideration will
ping new procedures for reviewing their safety, efficacy and quality.
Professional from academic institutions, pharmaceutical industries, health care indust
Professional from academic institutions, pharmaceutical industries, health care indust
remain whether the insolvent person's objective was to defeat the claims of their potential creditors.
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
Always seek legal advice
The information in this article should be considered general in nat
.
As there is an increasing trend of the combination products companies manufacturing such products should be able to tackle the problems involved in the de
As there is an increasing trend of the combination products companies manufacturing such products should be able to tackle the problems involved in the de
ure, and in no way interpreted as legal advice. You should always get your own independent legal, acco
elopment. They need to be wiser in analyzing the market trends and the regulatory requirements.
Companies that provide selfless information through particip
Companies that provide selfless information through particip
unting and financial advice before making decisions about important financial, legal and legal matters
tion in industry events and feedback to regulatory authorities would be able to face the challenges and will be successful in developing combination products
HTTP = HTML link (for blogs, profiles,phorums):
<a href="http://www.topadding.org.ua/article/130587/topadding-Superannuation-Claw-Backs-Possible-For-Bankrupts-In-Australia.html">Superannuation Claw Backs Possible For Bankrupts In Australia</a>
BB link (for phorums):
[url=http://www.topadding.org.ua/article/130587/topadding-Superannuation-Claw-Backs-Possible-For-Bankrupts-In-Australia.html]Superannuation Claw Backs Possible For Bankrupts In Australia[/url]
Related Articles:
Business Process Management And Six Sigma
Website Development and Promotion Tips for Internet Marketing at Home
Secured Loans - Smart Move For Cost-Effective Borrowing
Bookmark it:
|