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 […]

Some views on ASIC v Wily & Hurst

The views of Justice Brereton of the NSW Supreme Court have not prevailed following the decision by the High Court in the Carter Holt Harvey decision, but his findings in dismissing ASIC’s application for a court inquiry into the conduct of two liquidators going back to 2009, and for their registrations as liquidators to be […]

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 […]

Litigation funding – ASIC’s submission to the ALRC

ASIC’s submission[1] to the Australian Law Reform Commission on class actions and litigation funding seemed to be a surprise to some.[2]  ASIC says that, consistent with other jurisdictions, litigation funding should be regulated as a legal service, under the control of the courts, rather than as a financial service, regulated by ASIC or other appropriate […]

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 […]

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 […]

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 […]