One year bankruptcy reform – submissions due by 31 January 2018
The government has put off its announced one year bankruptcy law until well into next year, asking for submissions by the end of January 2018. Many of the 58,000 undischarged bankrupts in the country will have to wait. Meanwhile, the Traill Bankruptcy Conference, and Queensland University of Technology (QUT), are each themselves providing information […]
No, not the Royal Commission – long delayed banking reforms
Long delayed banking and financial institution reforms are being addressed in a Bill to enhance APRA’s ‘crisis management’ powers in relation to distressed or insolvent banks and insurance companies. The Bill has now been referred to the Senate Economics Legislation Committee to report by 9 February 2018. My involvement in this law reform arises from […]
An alternative to parliamentary debate on a one year bankruptcy
With changes in our bankruptcy laws being delayed in parliament by more important debates on our marriage laws, an alternative opportunity for public debate is being offered by the Rosie Traill Bankruptcy Conference on 6 December in Sydney, the week that parliament resumes and then adjourns for the year. These changes involve the reduction in […]
Legal Editing – rules for the citation of court judgments
The following rules for the citation of court judgments are adopted by Murrays Legal Commentary. The need to publicise them in this article, and invite their adoption, arises from some frustration at the way court judgments are cited in judgments themselves, and in legal text books and articles The Rules The rules are: The relevant […]
An economic perspective on trends in start-ups, and -downs
The federal government’s Innovation Statement of 2015 contained some simplistic aims for the promotion of entrepreneurial activity from proposed changes to our insolvency laws. A recent report from an economic perspective provides the level of analysis that is needed to assess the need for and the impact of those laws. The changes to our insolvency […]
Insolvency related conferences and meetings – coming up
A list of insolvency and related conferences for the rest of the year 2017, into 2018 Insolvency Conferences and Meetings 2017-2018 Date Event Contact 4 December 2017 Insolvency Academics Network UTS 5 December 2017 Traill Bankruptcy Workshops Traill & Associates 6 December 2017 Traill Bankruptcy Conference Traill & Associates 12 December 2017 ‘Moral Hazard’ […]
Farmers’ debts – ‘sit down at a table and work it out, and walk away, alive’
Preventing the appointment of receivers to ‘family farms’ and using farm debt mediation instead seems to be an idea that might come from the current Select Committee on Lending to Primary Production Customers inquiry due to report by 29 November 2017. Limited extracts of the transcripts of this Committee are below, from which a certain […]
Rationality and reason in decision making – or a roll of the dice?
The Hon Robert French AC will speak on ‘Rationality and reason in administrative law – would a roll of the dice be just as good?’ The lecture, hosted by the Australian Academy of Law, will be given on Wednesday 29 November 2017 at 5.30pm in Perth. Rationality and reasonableness in official decision-making have been the […]
Are accountants professionally restricted in advising directors on safe harbour?
A pending new publication on corporate restructuring contains these comments about Code obligations of insolvency accountants advising financially distressed and legally non-compliant businesses. Are these comments disputed? “The APESB represents all professional accountants in Australia – being members of CAANZ, CPA and IPA. The Board’s codes both local and international bind members of those accounting […]
‘A one year bankruptcy or a 3 year debt agreement … what’s the catch?’
With Australia on the verge of introducing a one year period of bankruptcy, it is odd that no comparable reforms have been announced in relation to debt agreements under Part IX of the Bankruptcy Act, fast becoming the more significant feature of our personal insolvency laws. Perhaps they are contained in the Bankruptcy Amendment (Debt […]
“in a daily newspaper circulating generally”
Our ’21st century’ corporate insolvency courts have reintroduced a 19th century rule requiring liquidators and others to place notices in ‘daily newspapers’ which ‘circulate’, and more. 2017 In 2017, the ‘superior’ federal and state courts have or are reintroducing the need for the publication of various corporate insolvency events, such as the winding up […]
‘WTF’ – five years of tax returns not lodged!
Upon being told in 2102 by his accountant, D, that his company’s business activity statements had not been lodged for 5 years, since 2007, the director responded: “guys … WTF I was under the understanding that we were only behind for the last 3 or 4 not since I started. [M] can you please set […]
QUT Law Review – a special issue on personal insolvency
Australia’s current major bankruptcy law reforms are necessarily informed by a range of academic and professional input, from here and overseas. Papers from QUT’s major international personal insolvency conference in 2016 have just been published in the QUT Law Review, including a new account of details of the bankruptcy of our former Chief Justice, Sir […]
The legislative challenge of facilitating climate change adaptation for biodiversity
The need for our laws to facilitate increasing climate change adaptations for Australia’s biodiversity was the subject of the winning essay for the annual prize of the Academy of Law for 2017. The prize – $10,000 – was presented to Ms Phillipa McCormack, of the University of Tasmania, at a ceremony at the Federal Court […]
Safe harbour for directors of corporate groups? An UNCITRAL initiative
UNCITRAL’s Insolvency Working Group V is meeting in Vienna next month to discuss the preparation of guidance for directors of corporate groups in the period of a group’s financial uncertainty and approaching insolvency. Do our new laws assist? UNCITRAL’s initiative involves an extension of Part 4 of UNCITRAL’s Legislative Guide on Insolvency Law – […]
‘If you want to take us on in court, go for your life because, guess what …’
ASIC may not have meant it but comments to the recent PJC inquiry about ASIC’s “transformational industry funding” may raise some concerns. Mr Medcraft said, that “already people are starting to realise the impact of it. If you want to take us on in court, go for your life because, guess what, next time we […]
ASIC and the PJC – hellholes, law enforcement, identity, funding, and more
Here are some selected snippets from the transcript of the PJC hearing oversighting ASIC, of 27 October 2017, the last for Mr Medcraft in his ASIC role. Many other issues were covered, including whistleblowing, financial advice, insurers, and scam emails. The selected items covered here are: harmful but legal conduct – sometimes it takes a […]
Guerilla tactics needed against phoenix misconduct
While the government is considering the various submissions on phoenix reforms, these quick thoughts came to mind, involving both government and computer selected liquidators, bankruptcy, public access to data, silo approaches, and modern slavery. And battle terminology. The pervasive impact of phoenix and corporate misconduct continues to come up in a range of inquiries – […]
Bankruptcy remuneration challenge referred to mediation – Groll
Justice Jennifer Davies of the Federal Court has referred bankruptcy trustees’ remuneration to mediation, following a challenge by the trustees to the Inspector-General in Bankruptcy’s reduction in the amount of remuneration claimed. The Court has listed the matter for hearing on 14 and 15 December 2017, and Justice Davies has directed that any mediation […]
