UNCITRAL guidance on MSE insolvency – Insolvency Law Bulletin article

An article in the latest Insolvency Law Bulletin[1] reports on the progress of UNCITRAL Working Group V[2] in developing law reform guidance on the resolution of the insolvency of micro and small-sized enterprises (MSEs), an issue for Australia and comparable jurisdictions, now heightened as a priority in light of the impact of COVID-19. As the […]

Cryptoassets, hot and cold wallets, and a liquidation

Was cryptocurrency ‘property’ of a company in liquidation, and was it held on trust for the accountholders? Cryptopia Ltd (in liq) originated as a ‘hobby’ which in 2014 was formed as a cryptocurrency trading exchange with ‘a short but tumultuous history’. It went into liquidation in May 2019 after suffering a serious hack and the […]

New Zealand insolvency practitioner regulation – possible delay

The new corporate insolvency practitioner licensing regime in New Zealand, due to start in July 2020, may be put off for one year. The Insolvency Practitioners Regulation Act 2019 and the Insolvency Practitioners Regulation (Amendments) Act 2019 are scheduled to come into force on 17 June 2020. However, the NZ government has said that while […]

Lost in my translation – correction to bankruptcy trustee remuneration statistics

AFSA has properly drawn to my attention that figures I have given about the remuneration of bankruptcy trustees have not been correct, or correctly explained from its figures. This seeks to redress and correct that. As AFSA explains, its Report, Registered trustee remuneration in the personal insolvency system, did not say, as I have recounted, […]

New Zealand’s COVID-19 insolvency measures – safe harbour; debt hibernation

The New Zealand Government has announced it will be introducing legislation to make changes to the Companies Act to help companies facing insolvency due to COVID-19 to remain viable and retain employment. In addition, the government is deferring commencement of NZ’s new insolvency practitioner licensing legislation, which was to commence in July 2020, for up […]

Latest corporate insolvency update in Australia

Apart from its interest to Australian liquidators and bankruptcy trustees, the latest Corporate Insolvency Update[1] of the corporate insolvency regulator, ASIC, will be of interest internationally given the common COVID-19 issues we are all facing. To initially explain the tone and content of ASIC’s bulletin, Australia has a bifurcated insolvency system,[2] with the Corporations Act […]

Case adjourned for COVID-19 health and property value concerns

A son’s claim under the ACT Family Provision Act 1969 sought a life interest in property of his deceased mother, which had been left to his sister, her daughter. He applied to adjourn the 30 March 2020 hearing for reasons to do with COVID-19. The background to the dispute is complicated and the subject of […]

Australia’s new fortnightly ‘COVID-19’ personal insolvency statistics

The Australian bankruptcy trustee and regulator AFSA has started to release fortnightly statistics on personal insolvencies in Australia[1] to assist in monitoring the economic and social impact of COVID-19, and the recent bankruptcy law changes made in response to the crisis.  This is a commendable and prompt contribution which will inform any needed law and […]

‘Unhappy’ delay in an insolvent winding up

A NSW Judge was ‘unhappy’ about delay in a solvency report being prepared for the defendant, in response to what had become a creditor’s ‘aged’ winding up application based on the defendant’s non-compliance with a winding up demand. On an application for a further adjournment, to 15 June 2020, the Judge described the variable evidence […]