Professional body regulation of Australian insolvency practitioners

Having reviewed the current regulation of insolvency practitioners (IPs) by both ASIC and AFSA, ARITA is now examined, and to a limited extent CAANZ, given it and ARITA represent two of the 14 ‘industry bodies’, among others, that the legislature has designated to regulate IPs in Australia.[1]   The 1 March 2017 impact of the […]

Insolvency Practitioners Regulation Act (NZ) 2019?

A New Zealand government committee has recommended the passage of the long awaited Insolvency Practitioners Bill with some few amendments, taking into account comments in Supplementary Order Paper No 45. See this link of 20 December 2018. A new Insolvency Practitioners Regulation Act The Bill aims to strengthen the regulation of insolvency practitioners by introducing […]

Bankruptcy trustees’ performance 2017-2018

AFSA’s Personal Insolvency Compliance Report 2017-2018 may be rather welcome in its positive reporting of its findings in relation to its regulation of trustees in bankruptcy under the Bankruptcy Act, including the Official Trustee.  The report may be read here. Some queries The AFSA Report gives a different picture than the equivalent ASIC report for […]

More soft law – ARITA’s insolvency practice statements

ARITA has released a number of draft Practice Statements for comment.  These Practice Statements are designed to give ‘technical’ guidance on best practice approaches to particular task areas. Much of their content is extracted from the existing 2014 Code, and not included in the new draft 4th edition of the Code.  The Practice Statements are […]

Model Law on Cross-Border Insolvency – its procedural limitations

The Model Law on Cross-Border Insolvency is not quite as expansive in its assistance to foreign liquidators and trustees as it may appear.  It did not assist Mr King, the US bankruptcy trustee of Zetta Jet, incorporated in Singapore, in trying to recover a luxury yacht named the Dragon Pearl, moored in Australia, and claimed […]

Revised draft of Australia’s 2014 insolvency code of practice

ARITA has released a consultation draft of its Code of Professional Practice for Insolvency Practitioners. This will be the 4th edition, it being over 10 years since the 1st edition appeared in 2008. ARITA asks for comments by 18 February 2019, with a view to the new version of the Code starting on 1 July […]

What bankruptcy law changed in Australia in 2018, and what didn’t

In the last days of parliament for 2018, the government has managed to stave off debate on the proposed one-year bankruptcy law – the Bankruptcy Amendment (Enterprise Incentives) Bill 2017 – leaving the new debt agreement laws to proceed alone, in June 2019. As we earlier reported, there has been a rather strong debate concerning […]

Managing government contracts through financial distress – AGS Commercial Notes, November 2018

This Australian Government Solicitor bulletin offers a comprehensive coverage of the terms of commercial agreements with the Australian government and how government clients and their lawyers should safeguard against the risks of the counter party facing financial distress or collapse.  Apart from discussing a range of contract terms, including the taking of security, the guidance […]

UNCITRAL – insolvency working group Vienna – 10-14 December 2018

A small group from Australia is in Vienna this week to attend the regular meeting of UNCITRAL Working Group V (Insolvency).[1] WGV is currently examining three main issues: proposed model laws or guidelines on the cross-border insolvency of enterprise groups; the obligations of directors of enterprise group companies in the period approaching insolvency; and guidelines […]