Crime and insolvency, Australian style

There is not much correlation between crime and insolvency, in my researches, certainly in comparison with crime in the world of solvent individuals and companies. But when a bankruptcy or liquidation does reveal criminal conduct, Australian law’s reporting requirements are variable. Australian Criminal Investigations Commission Despite my researches, the Australian Criminal Investigations Commission has expressed […]

Some thinking about insolvency pre-packs, panels and more

In a newspaper article of 20 April 2020* promoting a new ‘restructuring business’, some ‘new thinking’ is offered on changes needed to meet what is said to be an expected ‘insolvency deluge’. The thinking, in relation to pre-packaged insolvencies and an insolvency panel, is not new but it usefully adds to the list of reforms […]

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 […]

The proposed reinvigoration of the UK’s business rescue culture through ‘recalibration of the balance of power’ – some steps too far for Australia?

A recent academic article from the UK has reviewed proposed restructuring reforms announced by the government in August 2018, although yet to be implemented. These comprise a minimum 28 day moratorium for the debtor on creditors’ claims, a debtor-in-possession (DIP) arrangement with a monitor role rather than that of an insolvency practitioner (IP), a restructuring […]

What has happened to the proposed beneficial ownership of shares register?

A review of the ASIC Annual Report 2018 by a parliamentary committee was tabled only in February 2020. The report has a section headed:  ‘What has happened to the beneficial ownership of shares register?’ The committee asked ASIC for its view regarding the establishment of a beneficial ownership register, as the report says, ‘to make […]

The new law’s limitations in controlling phoenix misconduct

The new anti-phoenix laws, so welcomed in certain quarters, will come up against some business and personal behaviours that are resistant to control and that require more than the usual ‘let’s litigate’ responses. =============== Amidst all the war like chest thumping from regulators, lawyers and liquidators[1] which are marketed as arming our warriors with new […]

Liquidator disciplinary decision

A decision of a tribunal in Australia gives some insight into the insolvency practitioner discipline processes introduced in 2017, which replaced, in corporate insolvency, a more formal hearing type process. A liquidator’s registration was cancelled by a discipline committee convened under the Corporations Act 2001 which then sought to have its reasons for decision published.[1] […]

The 2020 insolvency practitioner codes

New insolvency practitioner codes have issued in Australia, with the UK and NZ perhaps not far behind. It remains to see whether the codes are adaptable enough to reflect what is a changing business and professional environment and thereby to remain relevant and accepted. The international accounting Code of Ethics – APES 110 in Australia […]

New Zealand – corporate insolvency practitioner regulation

The New Zealand government has called for submissions on the proposed minimum standards and conditions for the licensing of insolvency practitioners under the Insolvency Practitioners Regulation Act 2019, including Australian practitioners. The Discussion Paper sets out a number of issues, some of which, by way of comparison with Australia, are these. The Act has introduced […]

NZ insolvency practitioner costs recovery fees

The New Zealand government has released a discussion paper on proposed regulations concerning fees and other arrangements in preparation for the commencement of the co-regulatory scheme for insolvency practitioners in June 2020. Excluding the accredited bodies’ fees, proposed government fees payable by each insolvency practitioner are a new registration fee of $170, and an annual […]