The Hayne Report – lessons for lawyers – Australian Academy of Law event

The relevance of the ‘Hayne Report’ for the legal profession is the subject of the first of the Australian Academy of Law’s events in Sydney for 2019. On Monday 25 March 2019, an impressive panel comprising those from law, ethics and academia will look for the legal lessons to be learned from the Report – […]

Director identity number bill now before parliament

A number of bills broadly concerning the registers of information held by the Commonwealth have been referred to the Senate Standing Committee on Economics for review.[1] The Committee is due to report by 26 March 2019. One – the Commonwealth Registers Bill 2019 – would introduce a director identity number – DIN. This idea, simple […]

Building security of payment laws – the impact of the claimant’s insolvency

Now that we have some consistent security of payment laws across the states and territories protecting building sub-contractors, there is a need for the various Supreme Courts to adopt consistent legal interpretation. Any variation in approach should be the exception. The Courts might have their own jurisdictional limits, but the building industry doesn’t. An exception […]

Litigation ‘for the benefit of creditors’ – really?

How much do unsecured creditors receive out of a liquidation or bankruptcy from any ‘successful’ judgment obtained by the liquidator or trustee under their vast range of recovery remedies – strong remedies that are not available to any other litigant? Less than 5c in the dollar? We could find out. This question has been unasked […]

The future of the insolvency ‘profession’

I was pleased to have given a presentation on the future of the insolvency profession, at Griffith University’s excellent Professional Futures Conference on 6-7 February 2019.  This is my brief account, with some questions about professionalism following. My talk examined whether insolvency was in fact a profession, or an emerging one, or an industry.  The […]

Assessment of liquidators’ remuneration, with help from a band of experts

The decision of Justice Besanko of the Federal Court in Lock, in the matter of Cedenco JV (No 2) [2019] FCA 93 mainly concerns the remuneration of liquidators. In a broader context, the case involves the conduct of liquidations in Australia and overseas, and the work performed and remuneration claimed, and the inadequacies of the […]

Insolvency administrator’s lack of attention to the sale of complex assets

A UK insolvency administrator has been found to have acted in breach of his duties to a broadcasting company, some 8 years after the conduct in question, in an action brought by the company’s liquidators.  Compensation exceeding £740,000 was ordered.   The breaches involved his conduct in selling the company’s assets, in particular its Electronic […]

Coshott – a field of study?

Robert Gilbert Coshott was made bankrupt on 7 November 2008: see Shipton Lodge Cobbitty Pty Ltd v Coshott (No.2) [2008] FMCA 1552. There are then 374 cases involving the name Coshott on Austlii, whether one and the same as Robert Gilbert I have not checked, but I assume most are; and a few before. The […]

Last minute attempts to avoid a business being liquidated

When directors appoint a voluntary administrator the day before their company is before the court on a creditor’s winding up application, a certain scepticism exists that they are merely seeking to stall for time and delaying the inevitable. At the same time, the focus of a pending court winding up order is a real prompt […]