Managing Australian and New Zealand insolvency practitioners
CAANZ took a worthy leap some years ago in bringing the Australian and New Zealand accounting professions together. Given that an “accountant” has a limited legal basis or status, at least in Australia, the differences in the laws of the two countries should not be so much of an issue. But where accountants assume a […]
New Zealand’s insolvency practitioner regulation regime, from 1 September 2020
A new insolvency practitioner regulation regime for New Zealand will start on 1 September 2020, according to RITANZ, only a short time after its intended July date, the delay caused by COVID-19. Under the Insolvency Practitioners Regulation Act 2019, the NZ insolvency profession will be subject to mandatory licensing for the first time. Practitioners are […]
Liquidators’ remuneration – “most businesses do not charge out that way”
A Judge apologised at the start of his judgment for the length of time he took to determine liquidators’ remuneration. On reading the judgment, and the tedium involved in the assessment, one can understand why he took time: six minute units of opening mail, clearing in-trays and filing paperwork, receiving payment instalments and explaining work […]
A liquidator who stood to lose fees if his proceedings were not able to proceed
A company liquidator had unpaid fees amounting to $352,383 in his administration of a liquidated company – All Class – which had been left with no assets. He brought Federal Court proceedings against an insurer – Chubb – for payment of a claim in relation to theft by the company’s employees. His solicitors and counsel […]
Liquidator’s registration cancelled by ASIC
A company liquidator has had her registration cancelled following a decision by a statutory disciplinary committee that she had improperly used her position, falsified books and misappropriated over $238,500 from four liquidations over a period of time and was thereby not a fit and proper person to remain registered. See Report of committee convened to […]
Powers of attorney – South Australian law reform initiative
The South Australian Law Reform Institute (SALRI) is examining the role and operation of Powers of Attorney in SA and whether the current laws that apply to Enduring Powers of Attorney (EPOAs) are effective in practice to protect vulnerable individuals, especially from financial abuse. SALRI is an independent non-partisan law reform body based at the Adelaide […]
How is Australia’s safe harbour from insolvent trading working? some survey results
An article by Professor Ian Ramsay and Associate Professor Stacey Steele has just been published reporting on survey responses of ARITA members about the Australian s 588GA safe harbour regime. Section 588GA offers directors protection from personal liability for s 588G insolvent trading. The survey was taken at around the two-year anniversary of the introduction […]
Gold company director cards?
Directors of companies will finally have an easy way of keeping their company details up to date when the director identity number – the DIN – becomes available, though not until next year. This, and many other features, will be available under the new Commonwealth business registry regime, to be administered by the Australian Taxation […]
Insolvency litigation funding – too much hand-holding?
A joint parliamentary inquiry into class actions and litigation funding has set down public hearings throughout July 2020.[1] The inquiry and some of its submissions indirectly prompt some insolvency law reform ideas. A UK inquiry into the impact of the Jackson reforms on insolvency litigation funding is explained in an earlier comment. The original “class […]
Insolvency Law Bulletin – June 2020
The latest issue of the Insolvency Law Bulletin has just appeared containing a wide range of topics in personal and corporate insolvency, with the COVID-19 impact in Australia and Internationally also being addressed. One is on New Zealand’s response to the crisis – New Zealand’s new temporary Safe Harbour and Business Debt Rehabilitation Scheme: measures […]