Revised insolvency standard for practitioners. As to their professional bodies …

The Accounting Ethical and Professional Standards Board (APESB) has approved a new and revised APES 330 – Insolvency Services, the first revision since 2014. This standard must be complied with by accountant members of CAANZ, CPA and IPA who provide insolvency services. It covers practitioner issues of independence, remuneration, inducements and so on. It does […]

Mis’conduct proceedings based on evidence reported in the media’

ARITA advises that it can now ‘begin conduct proceedings [against its members] based on evidence reported in the media’.  Murrays Legal only reports matters substantiated in court, government, academic or other such sources.  In any event, whether that be ‘evidence’ is another matter. While we receive much lesser ‘popular media’ type information about people and […]

Insolvency remuneration – time-charging, or better?

Lawyers’ fees in class actions were the subject of a recent conference[1] paper by Sir Rupert Jackson, given in Melbourne, whose report in the UK has led to major costs budgeting reforms in the way lawyers must justify their fees. An Australian costs expert has extended this thinking to explain the need for insolvency professionals […]

Voluntary administrations and the benefits, or otherwise, of board turnover

Research just published[1] has looked at the relation between board turnover and the likelihood that a company that enters a deed of company arrangement under Part 5.3A of the Corporations Act produces a better outcome for creditors than a liquidation. Controversially, the research questions the long-held view that voluntary administration (VA) under Part 5.3A is […]

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 […]

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 […]

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 […]

What’s up, or on, in insolvency, early in 2018?

The following commentary on submissions due, events and conferences, professional standards, international and local, hearings and case law*, all in relation to insolvency, may assist.  (*and gift cards).   Submissions to government Credit reporting of business tax debts Draft amendments to the Taxation Administration Act 1953 would authorise the ATO to disclose business tax debts […]

Pending insolvency law and practice changes

Some of us are waiting for Santa, others are waiting on anticipated updates in insolvency law so we can send various items of copy off to press. It is a feature of hard copy publishing that a book or article referring to a judge’s trial decision, can be immediately out of date and wrong if […]