“Shortcomings of the Model Law on Cross-Border Insolvency (just some)”

Professor Martin Davies of Tulane Maritime Law Center recently offered a critique of the Model Law on Cross Border Insolvency at a presentation at Sydney University Law School. As he said: “shortcomings of the Model Law (just some)”. Limitation on recognition of foreign judgments An early problem with the Model Law on Cross-Border Insolvency was […]

How to become an insolvency practitioner in Australia

The ‘new’ process of selecting by interview who should be an insolvency practitioner (IP) was the subject of a presentation by ASIC at the recent AIIP conference,[1] confined to the selection of company liquidators. The process may have been new to ASIC and the corporate practitioners, but it in fact goes back several decades for […]

Insolvency law – assets and liabilities, activities and affairs – ASIC and AFSA

ASIC has released its new Report On Company Activities and Property (ROCAP), said to have been the result of an ‘extensive revision process and industry consultation conducted through an external consultant’.  This is the report as to company’s affairs referred to in s 475 of the Corporations Act, and other sections, required of company directors. […]

Principles of Regulation of Insolvency Practitioners – an international standard

The rather opaque International Association of Insolvency Regulators (IAIR) has issued a public document, the Principles of Regulation of Insolvency Practitioners (IPs), said to have been the subject of internal discussion and negotiation over the last two years.  In so far as both AFSA and ASIC are members of IAIR, it will be interesting to […]

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 […]

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 […]