ASIC’s 2018 annual report – insolvency, what to expect

An interesting aspect of ASIC’s forthcoming 2018 annual report will be its review of the operation of the changes brought in by the Insolvency Law Reform Act 2016 (ILRA), in particular those in Schedule 2 to the Act.  Under s 136 of the ASIC Act, that annual report must include “information about the activities that […]

Too poor to be made bankrupt?

Most bankruptcies pay nothing to unsecured creditors. But there are only limited circumstances where a debtor can resist bankruptcy by claiming that they have nothing. Creditors that do petition the court to make a person bankrupt may often have some particular focus on assets transferred or undisclosed; but even then, that creditor has to share […]

Unclaimed moneys in bankruptcies – the law reformed

Those who are owed “unclaimed moneys” arising from a bankruptcy – for example a creditor whose dividend payment went astray – are assisted by recent changes to a section of the Bankruptcy Act that dates back to the 1924 Act and before. What has been a long-standing injustice is being belatedly remedied by the Bankruptcy […]

The bankruptcy of Lehman Bros – a mere coincidence

Ten years ago, on 15 September 2008, Professor Rosalind Mason of QUT Brisbane and I gave a paper at the INSOL Academics Group Meeting in Shanghai, China, entitled Issues surrounding recognition and enforcement of multistate bank and insurance company insolvencies. On that very day, Lehman Brothers entered bankruptcy, prompting a complex and long-running multistate bank […]

NZ Insolvency Practitioners Bill – RITANZ submission

The submission of RITANZ of 7 September 2018 on the proposed Insolvency Practitioners Bill presently before the NZ parliament raises a number of issues of interest to Australia’s practitioners and its insolvency laws. RITANZ RITANZ is a professional industry body with over 450 members throughout New Zealand, of which approximately 100 members have been granted […]

Ordinary course of post – now 7 days not 4

Section 160 of the Commonwealth Evidence Act 1995 has been amended to change the day when posted letters are presumed to be delivered “in the ordinary course of post”.  The Civil Law and Justice Legislation Amendment Act 2018 changes the presumed timing of delivery from the fourth to the seventh business day after posting.   That is significant […]

International cross-border insolvency – an Australian diary

Some selected diary items of interest to Australian readers, and others.    September 2018 QUT Law – Dr Paul Omar – Regulation of Insolvency and Insolvency Practitioners in the Asia-Pacific Region QUT is hosting an exclusive round table on insolvency systems and the regulation of insolvency practitioners from diverse economies in the Asia-Pacific Region, with […]

New Zealand insolvency practitioner reforms

Submissions on proposed major changes to NZ insolvency laws through the Insolvency Practitioners Bill, presently before parliament, closed on 24 August 2018 and the Bill is now listed before the Economic Development, Science and Innovation Committee of Parliament on 6 September 2018. The changes under the Bill involve the introduction of a co-regulatory arrangement whereby […]

Bankruptcy statement of affairs

The bankruptcy office – the Australian Financial Security Authority – is asking for comment on a revised form of “statement of affairs”, the list of assets and liabilities and other information that persons made bankrupt are required to complete: s 54 Bankruptcy Act. AFSA says it has adopted a ‘human-centred approach’ to the design; and […]