New insolvency laws commencing 1 March – Q&A
This series of questions and answers address many of the issues with which practitioners and lawyers will be confronted in the new insolvency laws, commencing tomorrow, 1 March 2017. Most issues have already been explained in other entries on this site. Any comments, questions or corrections are welcome but nothing here constitutes legal advice on […]
UK insolvency practitioners can F…. their Forms
While insolvency practitioners in Australia are anxiously waiting to find out what new forms they must fill in and tick boxes to lodge with the regulators, UK practitioners will soon be able to Forget their Forms altogether. Existing insolvency forms are being withdrawn from 6 April 2017 when the new UK insolvency rules come into force. […]
White collar crime – what’s the point?
The Senate has granted a further extension to the white collar crime committee to report by 23 March 2017. It was originally going to report by early March 2017. This inquiry started in late 2015 and then lapsed with the general election. It has now had a further extension on its reporting. As reported in […]
“This does not inspire confidence” – the appointment of special purpose liquidators
Special purpose liquidators (SPLs) are becoming increasingly common. They are often appointed when a creditor prefers another liquidator to investigate certain matters, and when that creditor will only fund that liquidator. Conflicts of the appointed liquidator are another reason to appoint an SPL In this case, while making no adverse findings against the incumbent liquidators, […]
The most useful and well researched and argued law reform report for many years – Phoenix Activity: Regulating Fraudulent Use of the Corporate Form
The most useful and well researched and argued law reform report for many years has been issued on what to do about unlawful company phoenix activity. The research report – Phoenix Activity – Fraudulent Use of the Corporate Form – is that of the Melbourne Law School and Monash Business School, being their third and final. Their […]
Beneficial ownership of companies – consultation
The government has released a consultation paper on improving the transparency of information on the beneficial ownership and control of companies. Comments are due by 13 March 2017. This was foreshadowed in my earlier comments on 2 November 2016. As I said then, the idea of a beneficial ownership register for companies is not new, and […]
ASIC’s industry funding model – draft laws
Drafts of ASIC’s Supervisory Cost Recovery Levy Bill 2017 and related Bills have been released for comment, by 10 March 2017. Under these Bills, the levying of the costs of regulation of insolvency practitioners would now come under two different funding models, contrary to the new harmonized approach to insolvency, commencing next week, 1 March […]
Do you really want to renew your trustee registration under this new law?
It’s a matter for you but if you do, here is the application for renewal – form 31, from AFSA, an old fashioned print and fill out form. But it does not apply until 1 March 2017. From that date, a trustee may apply to have their registration renewed but before their registration ends. At […]
The Law in the Insolvency “Law” Reform Act 2016
The law has not been given much attention in the recent CLE and professional offerings on the new insolvency laws, with their limited focus on process and lodgements. The parts commencing imminently, on 1 March 2017, contain important but unexplained roles of various bodies in the regulation and discipline process. There may be significant administrative law concerns (a […]
The Culleton bankruptcy – part 4 of 4 – and the effect of a “stay”
The end of this saga came on 10 February 2017, when the Full Federal Court made orders amending para 2 of its 3 February orders to re-state that the appeal of Mr Culleton be dismissed and adding that Balwyn’s legal costs be paid out of Culleton’s bankrupt estate. Brief reasons for making the costs order […]
Egon Kisch and Albert Piddington
The name Egon Kisch may not be familiar to many but a recent talk given at an event held by the Australian Academy of Law reminded me of the name from my distant law school studies on civil liberties in Australian legal history. Kisch was a radical Czech journalist invited to address an anti-war rally […]
Insolvency reforms – what to expect in the first few weeks
This explains what insolvency practitioners, and lawyers, may immediately confront in the first weeks or so of the new law, under those new or amended sections of the Bankruptcy Act and the Corporations Act that apply from Wednesday 1 March 2017. Read on if you are interested, avoid if not. There are two tranches starting […]
Discipline process in insolvency — from 1 March 2017 – corporate
[a more detailed coverage] Replaces CALDB A discipline committee convened by ASIC under s 40-45 of the Corporations Schedule replaces the role of the CALDB. The new regime commences on 1 March 2017. The ILRA removes the role of the Board in relation to liquidators in favour of the ad hoc committee approach that presently […]
The new insolvency laws – what to expect in the first weeks
What will liquidators, trustees and lawyers, and the courts, immediately confront in the first weeks or so of the new law, under the changes introduced to the Bankruptcy Act and the Corporations Act commencing on 1 March 2017. See if this assists. 1. As to practitioner registration, notices to the regulators, insurance and discipline, the new law is explained below by […]
