Bankrupt trustees coming before the High Court

While the focus of the High Court’s trust law decision in Carter Holt[1] is in the context of corporate insolvency, many of the principles applied came from the law of bankruptcy. As the High Court pointed out, property held on trust by a bankrupt is specifically excluded as divisible property, under s 116(2) Bankruptcy Act; […]

Delayed payment of a receiver’s bill – by 400 days?

Delayed payment of bills is said to be a significant problem facing small to medium enterprises in particular, with ‘cash flow’ remaining as an essential factor in the underlying stability and success of the business. When courts are the reason for delays in respect of the approval and payment of bills of receivers and other […]

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 […]

‘Your place or mine, and for how long?’ – a lack of judicial independence

We might have noticed that courts in Australia and indeed in most comparable countries are usually housed in their own buildings, one reason being the need to keep the administration of justice separate and independent from any commercial or government environment and arrangements – both in reality and in perception. The decisions of trial and […]

Insolvency of trading trusts – Keay comments

Our 10th edition of Keay’s Insolvency was published in 2018 just after the Victorian Court of Appeal decision in Amerind, and that decision was included in our detailed analysis of the issues involved. We explain the High Court appeal decision, with more commentary to be issued in forthcoming draft updates to Keay.  The High Court […]

Revised insolvency standard for practitioners. As to their professional bodies …

The Accounting Ethical and Professional Standards Board (APESB) has approved a new and revised APES 330 – Insolvency Services, the first revision since 2014. This standard must be complied with by accountant members of CAANZ, CPA and IPA who provide insolvency services. It covers practitioner issues of independence, remuneration, inducements and so on. It does […]

AFCA’s interaction with insolvency law

The authority of the new Australian Financial Complaints Authority (AFCA) and its impact on finance debts owing should be understood, including by those in the insolvency field. That authority has now been extended to what are termed ‘legacy complaints’, about claimed misconduct dating back to 1 January 2008. AFCA’s view of its interaction with corporate […]

Insolvency returns to creditors and other fictions

Insolvencies average dividend returns to unsecured creditors of under 5 cents in the dollar, in some cases, under 1 cent.  For your unpaid debt of $10,000, you may receive $100, some months or years later. Much of insolvency is based on fiction.    I’d like to think that those in my field are familiar with […]

Insolvency Law Bulletin

The latest Insolvency Law Bulletin will be out shortly, covering a range of current cases and issues in both personal and corporate insolvency.  The ‘reviewing liquidator’ was a novel introduction into the law, one of many introduced by the Insolvency Law Reform Act 2016. We look at this in the context of remuneration reviews, noting […]

Insolvency and climate change and environmental liabilities

INSOL Academics in Singapore on 1-2 April 2019 and the following day’s meeting of academics at the National University of Singapore provided a number of thought-provoking presentations, which then serve to prompt connections with local Australian issues.  Here is one series of connections. Climate change Climate change came up in the insolvency context, as to […]