Australian insolvency law – current reforms

As in many countries, general elections put law changes and reform on hold pending the new government’s decisions on pending law. The government was returned in Australia at the recent May election and this is a convenient time to review where Australian insolvency law reform is at the moment, or as much can be anticipated. […]

NZ’s 2019 Insolvency Practitioners Regulation Act and its cross-Tasman impact

NZ’s Insolvency Practitioners Regulation Act is due to commence over the next year introducing a licensing and regulatory regime for insolvency practitioners (IPs) under a co-regulatory arrangement similar to that introduced in the UK in 1986. While many relevant details are yet to be developed, some initial thoughts are offered in relation to Australian IPs […]

How to become an insolvency practitioner in Australia

The ‘new’ process of selecting by interview who should be an insolvency practitioner (IP) was the subject of a presentation by ASIC at the recent AIIP conference,[1] confined to the selection of company liquidators. The process may have been new to ASIC and the corporate practitioners, but it in fact goes back several decades for […]

Some views on ASIC v Wily & Hurst

The views of Justice Brereton of the NSW Supreme Court have not prevailed following the decision by the High Court in the Carter Holt Harvey decision, but his findings in dismissing ASIC’s application for a court inquiry into the conduct of two liquidators going back to 2009, and for their registrations as liquidators to be […]

An inquiry into a liquidator’s conduct, some many years ago

ASIC has succeeded in obtained a court order for an investigation of the conduct of a liquidator, in relation to liquidations going back to 2001, under former s 536 of the Corporations Act: see now s 90-05 IPSC. See ASIC v Macks No 2 [2019] SASC 17. Mr Macks’ proceedings have a long history, more […]

ASIC’s review of liquidators for 2017-2018 – continued fall in complaints

This ASIC Report 610 has been released, with some interesting points to note, and questions raised. It largely expands on the reporting component in the ASIC annual report under section 136(1)(ca) of the ASIC Act. Overall, there has been a decline over the last 8 years in inquiries and reports of about alleged liquidator misconduct. ASIC […]

Bills subject to scrutiny

That a bill is introduced into parliament after an extensive period of community consultation does not necessarily mean that it will proceed into law without further scrutiny, and even further public input. This scrutiny is decided by the selection of bills committee of the Senate. That committee has decided that the provisions of various bills […]

The future of the insolvency ‘profession’

I was pleased to have given a presentation on the future of the insolvency profession, at Griffith University’s excellent Professional Futures Conference on 6-7 February 2019.  This is my brief account, with some questions about professionalism following. My talk examined whether insolvency was in fact a profession, or an emerging one, or an industry.  The […]

Does insolvency practice constitute a profession?

Those who specialise in insolvency law and practice, and restructuring, would no doubt consider they act professionally, however that term may be defined. But in the wider context of all the recognised professions, and the criteria that they meet, there is some doubt that they constitute a profession. At least this is a threshold issue […]