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Insolvency law reforms – no further delay …

In 2002, an eminent insolvency judge noted a drafting error in Ch 5 of the Corporation Act and recommended in her judgment the need for legislative reform, given the unjust consequences: see Scott v Commissioner of Taxation [2003] VSC 50. The very last item of …

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A list of international insolvency events and issues

As your correspondent attends insolvency gatherings in England and Belgium, he thought it useful to gather together some related events and issues across the globe. UNCITRAL Model Law Working Group V met in New York in May 2016 and covered the cross-border insolvency of multinational enterprise …

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Liquidators’ perils in jumping the gun ….

A liquidator has been ordered to personally pay the legal costs of a creditor in a liquidation because he jumped the gun in assuming the creditor was not lodging a proof of debt and went on to finalise the liquidation.  The creditor had to apply to the court …

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Joint regulator reports on insolvency practitioners?

What one lawyer has described as ASIC’s 50 page ‘reign of terror’ report on insolvency practitioners, based on its tone and content, is a bit far from the truth. ASIC does market itself as an aggressive insolvency practitioner regulator, at times to levels unbefitting its proper …

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The Listing of The Halcyon Isle

This concerns maritime liens and the law by which they should be determined when the ship is arrested in Australia. A significant court appeal was heard on 25 February 2016 and a decision is reserved. This article explains. The Listing of The Halcyon Isle – …

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Our insolvency law reform – will it all end in tears?

While Australia has been debating for too long what law we should have to assist in the recovery of distressed businesses, both the UK and Europe are considering more advanced reforms consistent with a stated policy of encouraging, by law or otherwise, better corporate restructuring outcomes. A failing business that …

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