Review of insolvency practitioner regulation

A review of aspects of the disciplinary process for insolvency practitioners that was introduced by the Insolvency Law Reform Act 2016 is being conducted. That Act introduced some novel arrangements for the regulation of bankruptcy trustees and company liquidators (insolvency practitioners or IPs).  In particular, a range of ‘industry bodies’ are co-opted into the IP […]

The tax stories – history regurgitates

Australia’s new 2017 insolvency laws – described by one respected academic as the worst insolvency reforms he has seen in 30 years, and by another, more colourfully, as a dog’s breakfast and more – were prompted by the same sort of media and political debate that we are seeing in relation to the ATO right […]

Access by victims of crime to the perpetrator’s superannuation

Just as moneys in a bankrupt’s superannuation fund can in certain cases be used to pay their creditors, under the Bankruptcy Act, so too would a criminal’s super fund be available to pay compensation to their victim, under changes proposed by the government to superannuation laws. Treasury is canvassing views on whether a convicted criminal’s […]

Beautifully written analysis of a single word in the English language

Beautifully written judicial analysis of language from Justice Jonathan Beach in ASIC v Westpac (No 2) [2018] FCA 751 [references added]. Fifth, let me now say something concerning the vernacular of the traders. And it concerns the use of the “f***”[1] word and its various derivatives. There is little doubt that linguistic Darwinism has favoured […]

Ponzi investigations and their cost

Free liquidator investigations into failed Ponzi schemes are raised as an idea in a New Zealand government discussion paper on proposals to deal with the inevitable insolvency of a Ponzi scheme.[1] In recommending the liquidation process under the skilled hand of a liquidator, the paper says that if “there are insufficient assets to pay a […]

Bankrupt parliamentarians – ok or not?

At a time when the government has a Bill before Parliament to reduce the period of bankruptcy from three years to one, partly in order to reduce the stigma associated with bankruptcy, a Parliamentary Joint Committee has issued its report on s 44 of the Australian Constitution, one aspect of which is the prohibition in […]

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 […]