Some proposed personal insolvency reforms in Australia
With the federal government yet to respond to the PJC Report on corporate insolvency of July 2023, which recommended a general review of both personal
09/07/2024
Senate report on ASIC’s investigation and enforcement roles – July 2024
The Senate Economics References Committee has issued its Report – Australian Securities and Investments Commission – investigation and enforcement, of 3 July 2024, which is
04/07/2024
“Personal insolvencies increased in May 2024…” – by 3
AFSA reports that “personal insolvencies increased in May 2024”. They did – by 3 more than in April 2024. Personal insolvency numbers increased by only
29/06/2024
The 2023 Parliamentary Joint Committee Report and insolvency law reform?
While the federal government is yet to give its response to the PJC Report on Corporate Insolvency of July 2023, there is little to suggest
17/06/2024
Insolvency practitioners and missing moneys – on-line regulation required
The sentencing hearing in relation to former liquidator Mr Peter Amos was mentioned on 17 June 2024 and was then adjourned for a day’s hearing
17/06/2024
The bankruptcy trustee and missing funds, continuing
The court hearing of an Australian bankruptcy trustee who may need to explain missing funds has been adjourned without ceremony to August 2024. Proceedings are
14/06/2024
Personal insolvency numbers suffer a slight rise
There is not much to report from the latest personal insolvency figures, save for continued small increases over time. It seems unlikely that personal insolvencies
29/05/2024
Insolvency law terms – what do they mean?
While insolvency law uses many and varied terms to describe its various processes for dealing with an insolvent business, no fewer than six in the
14/05/2024
Insolvency law’s elephants in the room
Professor Jason Harris and I will be presenting a session at INSOL Academics Colloquium in San Diego USA on 22 May. Consistent with the theme
13/05/2024
ASIC’s review of offence reporting – RG 16
In response to the PJC Report, although a bit premature, ASIC is reviewing its RG 16, on offence reporting obligations, its consultation paper acknowledging many
13/04/2024
“Thousands and thousands of pounds have been lost …”
By way of an update to this post, on 11 June 2024 the Federal Court adjourned the 14 June case management hearing in Leroy to
09/04/2024
Bankruptcy and mental ill health
Justice John Logan of the Federal Court has raised some interesting issues in an otherwise straightforward bankruptcy judgment concerning the court’s ability to organise mental
04/04/2024
Small business sole trader insolvencies
A recent newspaper report on the trend of insolvencies in small business was interesting for the reason that it acknowledged that many or most businesses
08/03/2024
AFCA financial compensation scheme of last resort
The federal government has announced [1] that a compensation scheme for victims of financial services misconduct will start from 2 April 2024, including a Compensation
05/03/2024
Insolvency practitioners as employees
Updated on 5 March 2024 to refer to a 1996 Explanatory Memorandum in bankruptcy which says that, despite the case law, a person’s status as an
05/03/2024
Insolvency Practitioner Registration and Disciplinary Committees
I am pleased to have been appointed by the government as a part‑time member to the Ministerial pool for the Corporate Insolvency Practitioner Registration and
29/02/2024
Report on the Franchising Code of Conduct – and insolvent franchisors
Further to my comments of September 2023 below as to a review of the franchising code of conduct, that review has been completed and on
08/02/2024
Offence referrals by liquidators
Offence referrals to ASIC by liquidators continue to be contentious and perhaps distracted by the issue of claimed automated decision-making by ASIC itself, although the
07/02/2024
Cancellation of a bankruptcy trustee’s registration and freezing orders obtained
The registration of Australian bankruptcy trustee Mr Paul Leroy was cancelled by the Inspector-General in Bankruptcy (IGB) on 2 February 2024, effective from 5 February.
06/02/2024
Punishment for bankruptcy – wearing a yellow and brown bonnet in the public square
A recent book, Re-examining insolvency law and theory – perspectives for the 21st century, comprises chapters on a wide range of theoretical perspectives on insolvency
01/02/2024
Personal insolvency figures – December 2023
Numbers of personal insolvencies in Australia continue to fall with the December 2023 figure down to 805 compared with 853 in November 2023. However, December
01/02/2024
New corporate definitions of director, officer and asset
Following the ALRC’s work on Ch 7 of the Corporations Act, attention has already been given to legislative changes tidying up the Act across a
01/02/2024
Corporations Act redrafting – ch 5?
Some years ago, I suggested to a Treasury officer that Ch 5 of the Corporations Act be redrafted and simplified. The curt response was, “you
23/01/2024
The new Administrative Review Tribunal and law for the relief of insolvent debtors
On 7 December 2023, the government introduced legislation that would abolish the Administrative Appeals Tribunal (AAT) and establish what it terms “a new, fit-for purpose
03/01/2024
