Litigation funding of liquidators – the ALRC inquiry

The current law reform inquiry into class actions and their funding may also need to look at the funding of another type of collective litigation action, claims by liquidators in insolvency proceedings. The Australian Law Reform Commission is conducting its litigation funding inquiry with an emphasis on class action proceedings and the important role they […]

NZ insolvency practitioner co-regulation – new law proposed

In a forthcoming article, I examine an aspect of Australia’s new regime for the (over) regulation of insolvency practitioners, which involves an unsatisfactory system of close government regulation supported, purportedly, by professional body and government agency involvement. I compare this unfavourably with the UK and what is proposed in New Zealand, saying that “New Zealand […]

Australia’s insolvency regime (in administration) – ideas for its restructure

In my preparation for a panel discussion at the major AIIP Insolvency Conference in Canberra on the future of insolvency, my conclusion is that our insolvency regime should go into Part 5.3A administration, and be restructured under a deed, allowing the regime to cast aside its many inefficiencies, and to emerge anew as a streamlined […]

ASIC “pointing to scalps and easy wins … might satisfy a shallow media day” but …

In the appearance of ASIC before the House Economics Committee today, 22 June, inquiring into ASIC’s 2016-2017 annual report, Mr Trevor Evans questioned ASIC about its opening statement offering “a long list of undertakings, media releases, scalps and so on”, and approached that Mr Evans said “worries me somewhat”. Mr Evans continued: “It strikes me that pointing […]

The exploitation of cleaners

The Senate Education and Employment References Committee is to conduct an inquiry into the exploitation of general and specialist cleaners working in retail chains for contracting or subcontracting cleaning companies. The Committee is to report by 15 October  2018. The inquiry is to have particular reference to a) frameworks at both Commonwealth and industry level […]

Review of ASIC’s Annual Report 2016-2017 – 22 June 2018

The House Standing Committee on Economics is conducting an inquiry into ASIC’s 2017 annual report, this Friday 22 June, in Canberra. An inquiry report on ASIC’s 2016 annual report is here, covering many banking, financial planning, superannuation, industry funding and other issues to which ASIC will, in light of recent developments, no doubt be expected […]

The government is really serious this time – law reform protecting employee entitlements

Following the government’s public consultation process on the Reforms to address corporate misuse of the Fair Entitlements scheme consultation paper in 2017, an exposure draft of legislative amendments to the Corporations Act 2001 has now been released for public consultation at https://treasury.gov.au/consultation/c2018-t297751. The consultation closes on 9 July 2018. These reforms were in fact recommended […]

Registration of a liquidator, on conditions – Mansfield

The AAT has confirmed that a corporate insolvency practitioner’s ‘exposure’ to bankruptcy as being one criterion required to be met for liquidator registration, means what it says, and does not necessarily call for direct experience in bankruptcy. This corrects a view to the contrary that had been causing some concern. ASIC has reported in the […]

Bankruptcy by the hour

The ‘median’ hourly rates for trustees in bankruptcy are from $470 to $600, according to the Australian Financial Security Authority, with outlier rates potentially well out on either side of the median. These are rates that AFSA allows registered trustees in private practice who agree to take on the administration of bankrupt estates from the […]