Litigation ‘for the benefit of creditors’ – really?

How much do unsecured creditors receive out of a liquidation or bankruptcy from any ‘successful’ judgment obtained by the liquidator or trustee under their vast range of recovery remedies – strong remedies that are not available to any other litigant? Less than 5c in the dollar? We could find out. This question has been unasked […]

The future of the insolvency ‘profession’

I was pleased to have given a presentation on the future of the insolvency profession, at Griffith University’s excellent Professional Futures Conference on 6-7 February 2019.  This is my brief account, with some questions about professionalism following. My talk examined whether insolvency was in fact a profession, or an emerging one, or an industry.  The […]

Assessment of liquidators’ remuneration, with help from a band of experts

The decision of Justice Besanko of the Federal Court in Lock, in the matter of Cedenco JV (No 2) [2019] FCA 93 mainly concerns the remuneration of liquidators. In a broader context, the case involves the conduct of liquidations in Australia and overseas, and the work performed and remuneration claimed, and the inadequacies of the […]

Insolvency administrator’s lack of attention to the sale of complex assets

A UK insolvency administrator has been found to have acted in breach of his duties to a broadcasting company, some 8 years after the conduct in question, in an action brought by the company’s liquidators.  Compensation exceeding £740,000 was ordered.   The breaches involved his conduct in selling the company’s assets, in particular its Electronic […]

Coshott – a field of study?

Robert Gilbert Coshott was made bankrupt on 7 November 2008: see Shipton Lodge Cobbitty Pty Ltd v Coshott (No.2) [2008] FMCA 1552. There are then 374 cases involving the name Coshott on Austlii, whether one and the same as Robert Gilbert I have not checked, but I assume most are; and a few before. The […]

Last minute attempts to avoid a business being liquidated

When directors appoint a voluntary administrator the day before their company is before the court on a creditor’s winding up application, a certain scepticism exists that they are merely seeking to stall for time and delaying the inevitable. At the same time, the focus of a pending court winding up order is a real prompt […]

Hayne Report – banks and receivers and agricultural enterprises

The Hayne Royal Commission declined to examine the conduct of receivers appointed by banks, in particular over agricultural enterprises. Nevertheless, comments and recommendations in the Final Report[1] (Report) address concerns about how banks have handled non-financial farming enterprises. National farm debt mediation The Report for one thing recommends a national farm debt mediation scheme, which […]

The costs and time in administering justice

Newspaper analyses of the work of judges by reference to numbers of matters heard, words written and time taken can be overly and unfairly simplistic, but they are at least some publicly accessible source by which the operation of the judicial system can be assessed. The difficulty is that the more substantial analyses behind and […]

Bad timing? or will Euclid save the day?

Calculation of time limits in law should be straightforward but judges have taken us to the mathematics of Euclid and beyond in deciding whether a bankruptcy can take place at a point in time of a day before the first instant of that day. Time limits are important in law because a person with claims […]