Assessing the insolvency regulators’ self-assessments – from tea and biscuits to zero tolerance

ASIC has released a report self-assessing itself, according to requirements of the Commonwealth Regulator Performance Framework: Report 511 ASIC self-assessment 2015–16.  This requires all the Commonwealth regulators to report according to a series of Key Performance Indicators.   It is a worthy process, though being self-assessed, its value has to be seen in that light.       Insolvency […]

Chains of responsibility – Queensland’s environmental protection law – part 2

The Queensland government has on 27 January 2017 issued a guideline under its new ‘chain of responsibility’ environmental protection legislation whereby a range of persons associated with a company in breach of environmental laws can be made liable for those breaches. The guideline is issued under the Environmental Protection Act 1994 (EPA), in relation to new Division […]

Applying to be a bankruptcy trustee – part 2

The interest in this topic is such that some further issues must be explained, for the benefit of applicants and of the regulators. Can experienced insolvency lawyers be trustees? Lawyers don’t cut it when applying to be registered as trustees, even if they are experienced insolvency lawyers. This was the outcome in Moore v Inspector […]

The Culleton bankruptcy – part 3 – the appeal – decision reserved

On 27 January 2017, the Full Federal Court reserved its decision.  It is to be given this week, on a date to be advised.  The stay order was continued for up to 24 hours after then.  —————————–   The Federal Court has expedited the hearing of Mr Culleton’s bankruptcy appeal, to Friday 27 January 2017, in Perth.  The […]

Insolvency Law Reform Act 2016 – more unpaid work for liquidators?

ARITA has reported that the ILRA 2016 imposes a significantly broader range of reporting obligations on liquidators than indicated in the exposure draft of the rules, which was limited to reporting on the likelihood of a dividend.  ARITA likens the new requirement to a section 439A report in a voluntary administration. And it will not come […]

The Culleton bankruptcy – part 2

In my earlier commentary, I reported that Mr Rodney Norman Culleton had been made bankrupt by the Federal Court on 23 December 2016: Balwyn Nominees v Culleton [2016] FCA 1578.  Mr Culleton has now appealed from that decision, filing a notice of appeal on 11 January 2017, and he has obtained an extension of the […]

Sakr Nominees – insolvency practitioner remuneration

The recent decision of Justice Black in PrimeSpace Property [2016] NSWSC 1821 (15 December 2016) might be seen by some as a worthy draft of the reserved NSW Court of Appeal decision in Sakr Nominees, the subject of my earlier comments. Justice Black examines the various approaches taken to remuneration in the different cases, including the […]

Applying to become a trustee in bankruptcy – some guidance from the case law

New rules on the application process to become a trustee in bankruptcy have applied from 1 March 2017. Briefly, they involve an applicant having accounting and commercial law qualifications, some years of experience, no serious ‘form’, experience, knowledge and ability, and otherwise being fit and proper. An interview is required, and possibly an exam.  This […]

Red tape committee turns to alcohol, with cabotage to follow

The Senate Red Tape Committee has decided to focus itself more, by inquiring into and reporting on specific areas. Alcohol It is starting off with an inquiry into red tape in the sale, supply and taxation of alcohol.  Submissions close 31 January 2017 with a report due by 14 March 2017. Further red tape issues Following inquiries […]

How the government decides on law reform …

Unlawful phoenix activity has been a subject of much consideration and recommendation over the years, with most recommendations ignored, and some perhaps properly so – a similar names law was never going to work – but most just waiting for government action.  Major recommendations are imminent from the team of Melbourne academics. Getting the government to […]

Credit reporting of tax debts – one measure among many

From 1 July 2017, the Government has announced that it will allow the Australian Taxation Office (ATO) to disclose to Credit Reporting Bureaux the tax debt information of businesses that “have not effectively engaged with the ATO to manage these debts”. This was announced in the Mid-Year Economic and Fiscal Outlook (MYEFO) on 17 December […]