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A case of ‘just in case’ – Network Ten

The concept of “potential” or “putative” insolvency administrators who have had “recent, long-term, substantial and remunerative involvement” with the company before they are appointed to administer it has been raised in Korda, re Network Ten: [2017] FCA 914. There, the Federal Court accepted the continuation …

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Bankruptcy trustees’ remuneration challenge – continued

A Victorian Supreme Court decision gives some background to the regulator’s decision to reduce bankruptcy trustees’ remuneration by over $277,000, a decision being challenged in the Federal Court on 30 August 2017.  Groll was made bankrupt pursuant to a sequestration order on 2 September 2014. …

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General

The need to pick up the phone….

An appeal court has confirmed a finding that a liquidator who did not telephone a director to inquire about  money apparently transferred by the company before its liquidation had breached his duties to the company under s 180(1) of the Corporations Act; but because the …

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Speech by Justice Black on Insolvency Law

In a speech given to ARITA’s conference on 9 August 2017, Justice Ashley Black of the NSW Supreme Court has given a descriptive overview of some of the important issues and cases in Australian insolvency law. Justice Black reviews the changes made by Insolvency Law …

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General

Financial failure, bankruptcy and mental ill health

There can be a connection between mental health and a person’s financial distress. In business, one can feed off the other.  If bankruptcy follows, it can provide some relief for the person’s mental state, or an exacerbation of it.  Bankruptcy law provides some protective structure for the person, but it …

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“The human importance of bankruptcy”

The significance of bankruptcy and the need for its law to be clear and predictable is emphasized in a recent judgment of the Chief Justice of the Federal Court.  The judgment brings in issues raised by the Chief Justice in his 2015 speech about the significance of bankruptcy …

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