One pre-packaged insolvency – coming up

An option for a quick resolution of an insolvent business is its quick pre-packaged exit, and transfer of assets to a new owner, avoiding the inevitable impact on value that a formal insolvency arrangement brings. A recent UK article compares the pre-pack scene in the UK and Australia, suggesting Australia’s ideas may provide insights for […]

Insolvency law update – May 2018

This is one of my regular updates on where things are at in the insolvency law and practice world in Australia – one year bankruptcy, ASIC, safe harbour, practitioner discipline, INSOL and UNCITRAL, conferences, UK and NZ, and gift cards, Mossgreen, and more. Personal insolvency The law reform in relation to the one-year period of […]

Insolvency conferences, talks, books, articles and court hearings

We here at Murrays Legal are notified of many things happening or coming up – conferences, talks, books, articles, and court hearings and events. Here are some. As to events, we have ARITA in far north Queensland 19-20 April INSOL International in New York 29 April-1 May UNCITRAL in New York 7-11 May, on MSME […]

A liquidator’s ‘overbearing approach’ did not pay

A “ham-fisted” response by a liquidator to an application by a director to terminate the liquidation of his company, has resulted in a substantial reduction in the liquidator’s claimed remuneration.    When a person is made bankrupt by a sequestration order, or a company is ordered to be liquidated, there is sometimes a flurry of […]

Modern justice – exploring beyond the edge of the known legal world

A recent article by Mr Ken Hayne has offered a strong critique of many aspects of the justice system in Australia, and the way that lawyers and judges administer it.  The article covers the slow and prolix way that litigation matters proceed, the volumes of ‘relevant’ documents, the increasing length of trials, and delays in […]

Imprisoning bankrupts

AFSA as the bankruptcy regulator has reported[1] on ‘tougher’ prosecution Instructions [2] issued by the Commonwealth Director of Public Prosecutions (CDPP) for a bankrupt failing to file a statement of affairs (SOA). This is by way of prosecution under s 267B of the Bankruptcy Act, which carries a maximum one-year jail sentence. The Instructions are said […]

NOCLAR and insolvency practitioners

The NOCLAR obligations of accountants have now been highlighted in the context of the insolvency industry by way of a useful article appearing in the ARITA Journal.[1] NOCLAR – in accountants’ terminology, ‘non-compliance with laws and regulations’ – is a new obligation assumed under the International Code of Ethics of Professional Accountants – APES 110. […]

Fallout from a Trillision – a Three Ship Affair

Collisions happen.  Occasionally the collision which occurs is more accurately termed an allision, where a ship has struck a stationary object. A three ship collision rarely occurs which is probably why the term “trillision” has never been coined, until now.  On 30 October 2104 a trillision occurred causing the total loss of a cargo of 2,600 […]