More (and more) government inquiries
Two important Senate inquiries of 2014 and 2015 that lapsed at the election have been reinstated, but still with long reporting dates into 2017; and there is a new inquiry into ASIC’s enforcement powers. Many of these issues have been the subject of recommendations in earlier inquiries, with no action taken. Meanwhile, tax breaches, phoenix activity and other […]
ASIC before the Senate – no more scalps, goodness will prevail; complaints in the “thousands”; and the ASIC database
Senate questioning of ASIC does provide some useful information at times. In the inquiry into ASIC’s 2015 annual report by House of Representatives Standing Committee on Economics, on 14 October 2016, issues came up about: ASIC’s enforcement focus on getting “scalps”; its new behavioural economic focus on “what ‘good’ looks like” in the sectors it […]
Solomon’s Justice in Maritime China
The maritime court structure of China was first set up in 1984 and over the short period since then the 10 main courts have established a further 39 branch courts up and down the coast and along the Yangtze, surely the largest maritime court structure worldwide. Together these courts determine matters according to the Chinese Maritime […]
Insolvency Practice Rules 2016 – draft for comment
The Rules in support of the Insolvency Law Reform Act 2016 have been released in draft for comment by 4 November 2016. These follow an earlier statement of what the Rules would contain issued in 2014. The long delay has been the subject of comment on this site. The Rules The Rules are: Insolvency Practice Rules […]
New Zealand Voluntary Administration Law – an independence challenge to the administrators
“Pre-appointment work, including involvement in the drafting of a proposed deed of company arrangement, is not unusual in the corporate insolvency context and does not preclude subsequent appointment as a deed administrator. Indeed, it has been recognised that such prior knowledge and experience can sometimes provide an important efficiency advantage, to the benefit of all […]
Insolvency practitioners’ offence reporting
Although the government is trying to distance any connection between wrongdoing and a company going into liquidation or a person becoming bankrupt, the law and policy of insolvency requires a liquidator or trustee to investigate the insolvent’s conduct and refer any offences to the authorities. In contrast, absent the fact of insolvency, no citizen is liable […]
Review of the big banks
The Treasurer has asked the Standing Committee on Economics to inquire into and report on what is termed a Review of Australia’s Four Major Banks. Hearings are commencing this week, in Canberra. The broad terms of reference are: domestic and international financial market developments as they relate to the Australian banking sector and how these […]
