Funding personal and corporate insolvency regulation

ASIC and AFSA ASIC The funding of ASIC under the draft ASIC Supervisory Cost Recovery Levy Regulations 2017 by way of proposed levies on liquidators would be calculated according to [the sub‑sector regulatory costs in relation to the liquidator sub‑sector for the financial year minus the product of $2500 and the sub‑sector population in relation to […]

Gift-cards resurrected

The 2016 “gift-card” report of the UK Law Commission examined whether there should be greater protection for consumers who lose deposits or gift vouchers when retailers or other service providers go into insolvency. It made some limited recommendations, none of which have been enacted. Australia’s own 2016 Senate Committee inquiry in Australia into gift vouchers arose […]

Insolvency Law Amendment Bill 2017 (No 1?)

The government is proposing to amend only some of the insolvency law changes under the Insolvency Law Reform Act 2016 that have raised concern. The remuneration approval process now proposed is that if an insolvency practitioner (IP) employs a staff member, and a “related entity” of the IP (their firm) gains from that, and the […]