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  VSC 50. The very last item of the Insolvency Law Reform Act 2016 address the Judge’s concerns. […]
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’ […]
The newsletter of the Australian Academy of Law for June 2016 is at this link.
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 […]
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 […]
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 […]