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 […]

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 […]

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 […]

The tax stories – history regurgitates

Australia’s new 2017 insolvency laws – described by one respected academic as the worst insolvency reforms he has seen in 30 years, and by another, more colourfully, as a dog’s breakfast and more – were prompted by the same sort of media and political debate that we are seeing in relation to the ATO right […]

APES 110 – accountants, whistleblowers and safe harbour advisers to note

Increased professional obligations of accountants, and insolvency practitioners, to refer breaches of the law to the authorities, are being considered at a meeting of the Accounting Professional and Ethical Standards Board (APESB) on 19 May. These have a potential impact by way of leaving whistleblowers with liabilities for which corporate law is yet to consider protection, and in respect […]

Too much independence?

Have our perceptions of the need for the independence of liquidators and bankruptcy trustees become too strict? Recent views from the UK, and NZ, and the courts themselves, suggest so. ==== The independence of insolvency practitioners is important, given the role that they play in dividing up the assets of an insolvent business between competing […]