How to become an insolvency practitioner in Australia

The ‘new’ process of selecting by interview who should be an insolvency practitioner (IP) was the subject of a presentation by ASIC at the recent AIIP conference,[1] confined to the selection of company liquidators. The process may have been new to ASIC and the corporate practitioners, but it in fact goes back several decades for […]

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 […]

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 […]

An inquiry into a liquidator’s conduct, some many years ago

ASIC has succeeded in obtained a court order for an investigation of the conduct of a liquidator, in relation to liquidations going back to 2001, under former s 536 of the Corporations Act: see now s 90-05 IPSC. See ASIC v Macks No 2 [2019] SASC 17. Mr Macks’ proceedings have a long history, more […]

ASIC’s review of liquidators for 2017-2018 – continued fall in complaints

This ASIC Report 610 has been released, with some interesting points to note, and questions raised. It largely expands on the reporting component in the ASIC annual report under section 136(1)(ca) of the ASIC Act. Overall, there has been a decline over the last 8 years in inquiries and reports of about alleged liquidator misconduct. ASIC […]

A new priority of the Commonwealth in an insolvency?

The move generally in insolvency law, and under Australia’s Insolvency Law Reform Act 2016 (ILRA), has been to give creditors greater ‘say’ in an insolvency, including by having a statutory right to request information, subject to restrictions in respect of irrelevant, vexatious or other such requests. This right of creditors is provided for in section […]

Opportunistic and manipulative insolvency practitioners?

Insolvency practitioners’ (IP) remuneration for the work performed in administering an insolvent estate attracts public attention, much of which is too narrowly focused to provide a fair analysis of the issues involved. A thoughtful article has just been published in the UK, by Dr John Wood of Lancashire Law School, on which I offer these […]

Professional body regulation of Australian insolvency practitioners

Having reviewed the current regulation of insolvency practitioners (IPs) by both ASIC and AFSA, ARITA is now examined, and to a limited extent CAANZ, given it and ARITA represent two of the 14 ‘industry bodies’, among others, that the legislature has designated to regulate IPs in Australia.[1]   The 1 March 2017 impact of the […]

Bankruptcy trustees’ performance 2017-2018

AFSA’s Personal Insolvency Compliance Report 2017-2018 may be rather welcome in its positive reporting of its findings in relation to its regulation of trustees in bankruptcy under the Bankruptcy Act, including the Official Trustee.  The report may be read here. Some queries The AFSA Report gives a different picture than the equivalent ASIC report for […]