Concerns about liquidator misconduct hearings – no lawyer’s quibble
Concerns about the new processes to review the professional conduct of liquidators, and bankruptcy trustees, are discussed in light of the litigation approach taken by ASIC in a recent hearing before the existing disciplinary board. There has been limited debate about the forthcoming new processes under the Corporations Act for the review of the […]
La victoria trova cento padri, a nessuno vuole riconoscere l’insuccesso
Enough said.
Queensland’s environmental protection “chain of responsibility” law – part 1
Queensland’s new chain of responsibility laws seek to broaden the legal scope of those who should be held accountable for environmental obligations of a failed mining operation, extending to financiers and other benefiting economically and financially from the enterprise. It evidences a common frustration among many a regulator that insolvency can lead to the perpetrator […]
“when a company enters troubled waters” – the NZ approach to director conduct
While Australia considers how it should re-shape its insolvent trading laws, this June 2016 New Zealand decision illustrates how our neighbour’s comparative legal approach works, although in a lay down misère case which the two directors did not defend. NZ law Without offering a detailed comparison, NZ law sets out the duties of a […]
A mere 0.2% ‘rise’ in Australian bankruptcies but with bigger changes to come
While the usual hype about rates of personal insolvency in Australia might sell, a reported 0.2% rise in personal bankruptcies is hardly news, even if the first rise since the GFC. What is significant is the continuing rise in the lower level Part IX debt agreement ‘market’, whose low income/asset/debt insolvents in fact pay dividends […]
INSOL Academics Conference – London 13-15 July 2016
The conference dinner, held at the Crypt of St Etheldreda, London on 13 July 2016.
Convergence of insolvency frameworks within the European Union
In 2014 the EU determined upon a new approach to insolvency law, to which its member states were to aim. The broad approach was to encourage entrepreneurial conduct, to attend to struggling businesses earlier, and the employees, and to diminish the stigma associated with business failure. The need for efficient recycling of assets was a […]
Insolvency law reforms – no further delay …
In 2002, an eminent insolvency judge noted a drafting error in Ch 5 of the Corporation Act and recommended in her judgment the need for legislative reform, given the unjust consequences: see Scott v Commissioner of Taxation [2003] VSC 50. The very last item of the Insolvency Law Reform Act 2016 address the Judge’s concerns. […]
The Registrar in Bankruptcy (deceased)
A list of international insolvency events and issues
As your correspondent attends insolvency gatherings in England and Belgium, he thought it useful to gather together some related events and issues across the globe. UNCITRAL Model Law Working Group V met in New York in May 2016 and covered the cross-border insolvency of multinational enterprise groups; the recognition and enforcement of insolvency-derived judgements; and directors’ […]
Australian Academy of Law
The newsletter of the Australian Academy of Law for June 2016 is at this link.
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 […]
Launch of Keay’s Insolvency 9th ed, and a call for law reform
A call for a major overhaul of our insolvency laws was made by Michael Murray and Associate Professor Jason Harris at recent launch of the 2106 edition of their book, Keay’s Insolvency, before an elite audience of judges, academics, lawyers and insolvency practitioners. The launch was appropriately hosted by the prominent insolvency firm, Ferrier Hodgson. […]
Prepping For Client Work And Meetings
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Insolvency Law Reform – we needed a racehorse and we got a camel
In introducing new insolvency reforms – what will be the Insolvency Law Reform Act 2016 – the government has claimed that “probably 95 per cent—or even 99 per cent—of liquidators” comply with their legal obligations in administering Australia’s insolvency regime: Senator J Williams, Second Reading. On the other hand, figures show that those involved in […]
Becoming An Expert In Your Field
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Just Some Light Reading Material
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