Some concession for small business bankruptcy under severe NSW law

NSW law can remove a person’s right to practice their job for up to 6 years, in the person has gone bankrupt, well beyond what is the present 3 year period of bankruptcy. A real estate agent had his licence cancelled until 2024 by the Commissioner of Fair Trading, in relation to the agent’s 2018 […]

ASIC’s “significant element of vexation”

ASIC has failed in an application to have an inquiry conducted into joint liquidators’ conduct – Hurst and Wily – in respect of companies that went into liquidation in 2009, with the last of them being deregistered in 2011.  The liquidators had parted company in 2012, Hurst continuing in another practice without complaint and Wily […]

Unclaimed bankruptcy moneys – new law

Easier processes to recover unclaimed moneys in bankruptcy commence at the end of June 2019. The Official Receiver in Bankruptcy will be able to decide upon such claims, in the same way that ASIC has done for some years. See Unclaimed moneys. A right of review to the Court will be provided. The law at […]

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 […]

Litigants in person – issues for judges

Judges have to be careful about making public statements on current issues that may allow claims of bias. There can also be matters in which judges were involved as lawyers before they were appointed that can later lead to bias claims. A Mrs Thomson, a litigant in person (LIP) challenged, unsuccessfully, the independence of the […]

Building security of payment laws – the impact of the claimant’s insolvency

Now that we have some consistent security of payment laws across the states and territories protecting building sub-contractors, there is a need for the various Supreme Courts to adopt consistent legal interpretation. Any variation in approach should be the exception. The Courts might have their own jurisdictional limits, but the building industry doesn’t. An exception […]

Litigation ‘for the benefit of creditors’ – really?

How much do unsecured creditors receive out of a liquidation or bankruptcy from any ‘successful’ judgment obtained by the liquidator or trustee under their vast range of recovery remedies – strong remedies that are not available to any other litigant? Less than 5c in the dollar? We could find out. This question has been unasked […]

Insolvency administrator’s lack of attention to the sale of complex assets

A UK insolvency administrator has been found to have acted in breach of his duties to a broadcasting company, some 8 years after the conduct in question, in an action brought by the company’s liquidators.  Compensation exceeding £740,000 was ordered.   The breaches involved his conduct in selling the company’s assets, in particular its Electronic […]

Coshott – a field of study?

Robert Gilbert Coshott was made bankrupt on 7 November 2008: see Shipton Lodge Cobbitty Pty Ltd v Coshott (No.2) [2008] FMCA 1552. There are then 374 cases involving the name Coshott on Austlii, whether one and the same as Robert Gilbert I have not checked, but I assume most are; and a few before. The […]