Courts professions and regulation
Trustee’s hearing further adjourned to 21 February 2025
As AFSA announced, on 2 February 2024, the registration as a trustee of Mr Paul Leroy was cancelled from 5 February 2024 ...
Are pecuniary penalties actually paid?
One enforcement tool of regulators is to obtain a court ordered civil penalty against the respondent company or individual. That ...
AFSA’s annual report on personal insolvency?
The AFSA 2023–24 Annual Report has been released, reporting on the information required under particular public sector legislation. Unlike ASIC, ...
Litigation Funding in Insolvency and in Class Actions
This queries corporate insolvency’s requirement for approval of liquidators’ litigation funding in the context of an article comparing litigation funding ...
Insolvency practitioner remuneration – continued ….
A report in a daily newspaper[1] has commented on the large fees earner by liquidators and administrators in attending to ...
What is the future of insolvency practice?
In my reply to an interesting comment from a practitioner about the fundamental difficulties of lack of funding for insolvency ...
The need for a new process for the appointment of insolvency practitioners?
A Judge has expressed concern about the processes for the appointment of insolvency practitioners, suggesting adverse relationships with their lawyers, ...
Insolvency trends – should they be higher?
Recent figures show trends in insolvencies in Australia – nothing too significant at a macro level though distressing at a ...
ASIC’s updated guidance on liquidator registration and discipline; AFSA; and the ART
ASIC has released updated regulatory guidance on statutory committee registration and discipline processes, and related issues: see Revised Regulatory Guide ...
Gender balance in the insolvency industry
With women comprising only around 10% of insolvency practitioners, the issue of gender balance continues to receive attention, among broader ...
Reviewing liquidators – under review?
ASIC has announced that it has appointed 15 new members to its Reviewing Liquidator Panel, following the expiry of the ...
Fees of insolvency practitioners and lawyers
The commentary following was issued on 15 August 2021. It is reissued for historic interest only, perhaps, on the assumption ...
ASIC’s civil penalty regime – an academic review
In the midst of a focus on the enforcement activity of ASIC following a critical Senate Committee report,[1] we have ...
ASIC’s revised guidance on insolvency practitioner offence reporting – RG 16
ASIC has issued revised guidance on insolvency practitioner offence reporting obligations – RG 16 External administrators and controllers: Reporting of ...
Splitting ASIC 2024 and the 2010 Senate Committee Report
In the discussions about separating ASIC’s tasks following the July 2024 Senate Economics References Committee report – Australian Securities and ...
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 ...
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 ...
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 ...
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, ...
“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 ...
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, ...
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 ...
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 ...
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 ...
