Liquidators’ perils in jumping the gun ….
A liquidator has been ordered to personally pay the legal costs of a creditor in a liquidation because he jumped the gun in assuming the creditor was not lodging a proof of debt and went on to finalise the liquidation. The creditor had to apply to the court for resolution of its proof of debt, and then again […]
Liquidators’ remuneration – aren’t you all missing the point?
A proper funding model for the insolvency profession is needed, partly to end the interminable debate about the cost of administering the regime, focused as it is on trite concepts and regulatory and judicial meanderings. What do we want the regime to offer, for how much, and from what sources? The ‘professions’ nowadays are said […]
Joint regulator reports on insolvency practitioners?
What one lawyer has described as ASIC’s 50 page ‘reign of terror’ report on insolvency practitioners, based on its tone and content, is a bit far from the truth. ASIC does market itself as an aggressive insolvency practitioner regulator, at times to levels unbefitting its proper role. Its latest report takes its usual severe approach, moderated […]
The Listing of The Halcyon Isle
This concerns maritime liens and the law by which they should be determined when the ship is arrested in Australia. A significant court appeal was heard on 25 February 2016 and a decision is reserved. This article explains. The Listing of The Halcyon Isle – on a Maritime Lien
Remuneration of liquidators – Sakr Nominees – 1 November hearing
Criticism of inconsistency in judicial decision making in determining the amount liquidators should be paid for the work they do is the subject of the following article, by Michael Murray Any insolvency practitioner appointed as trustee or liquidator to an estate or administration is entitled under the Bankruptcy Act or the Corporations Act to remuneration for work […]
Our insolvency law reform – will it all end in tears?
While Australia has been debating for too long what law we should have to assist in the recovery of distressed businesses, both the UK and Europe are considering more advanced reforms consistent with a stated policy of encouraging, by law or otherwise, better corporate restructuring outcomes. A failing business that simply collapses into liquidation and winding up invariably loses much […]
