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Senate inquiry
On 29 November 2016, the Senate referred the following matters to the Economics References Committee for inquiry and report by ...
Protected: A CALDB decision against a liquidator under the existing law, and how the new law will operate
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The new effects test – and banks financing of distressed businesses
The government has introduced the Competition and Consumer Amendment (Misuse of Market Power) Bill 2016 into parliament which would implement ...
Insolvency law reform – some harsh words
Murrays Legal recently reported a comment that our new insolvency law arriving in 2017 was the worst insolvency law reform we have ...
Insolvency Practice Rules 2016 released – Corporations and Bankruptcy
The Insolvency Practice Rules (Corporations) 2016 have now been released, without fanfare, and are on the Federal Register of Legislation. The Insolvency ...
ASIC’s data – the sale is off; now for some decisions….
The government has announced that it is not proceeding with the private sector bids to upgrade and operate ASIC’s registry functions. ...
What insolvency practitioners and lawyers and regulators need to know before too long …
The new insolvency reforms commence in about 9 weeks, on Wednesday 1 March 2017, under the Insolvency Law Reform Act ...
Are accountants, and lawyers, prepared for NOCLAR?
The APESB has released a draft of new section 225 of the Code of Ethics for Professional Accountants, APES 110, ...
Prepacks – useful for law and accounting firms going under?
ASIC was recently asked in parliament for its views on “prepacks”, or pre-packaged insolvency administrations, with understandably cautious responses given. ...
Leave to sue despite a cross-border insolvency stay
Leave has been given by the English High Court for a claimant to continue proceedings against STX, a Korean ship ...
Sharing contempt penalties with liquidators and trustees
New Zealand courts will divide up fines imposed on directors or bankrupts for contempt for failure to assist insolvency practitioners, ...
Senator Williams and the Finnish model of insolvency
A group of small insolvency practitioners has had raised in parliament its project aiming at a universal and consistent approach to ...
UNCITRAL’s 50 Years – Cross-border insolvency of corporate groups; recognition of insolvency judgments – UNCCA
A conference in celebration of the 50th anniversary of UNCITRAL was held in Brisbane on 2 December 2016. Among other ...
Employees’ super – why trust the employer?
The Economics References Committee is to report by 22 March 2017 on various issues concerning the non-payment of superannuation by ...
Red Tape Committee and the words of Montesquieu
Montesquieu’s words from the 18th century – “les lois inutiles affaiblissent les lois nécessaires” – are often quoted in the modern ...
Another new co-regulation regime for insolvency practitioners – NZ, following the UK and India
Just as India has introduced co-regulation of its new breed of insolvency practitioners, so has New Zealand acted on a ...
India’s new insolvency professionals regime
A major new insolvency regime commenced in India in May 2016. It introduces co-regulation of insolvency practitioners – IPs – through direct regulation by their ...
An expansion of the Banking Code, or is a change in the law needed?
The story about the conduct of bank officers in the Sydney Insolvency News prompts my suggestion for a widening of ...
European Commission proposes new approach to business rescue in Europe
On 22 November 2016, the European Commission presented a set of new European rules for business insolvency which member states ...
the Sakr Nominees appeal and well beyond …
Whatever is said in the pending NSW Court of Appeal decision in Sakr Nominees, it is timely to propose that, ...
Mad Dogs could not legally perform its contract in breach of insolvent trading laws
An insolvent company cannot legally continue to perform its contract by which debts are incurred. Hence it has no claim ...
One of the dark arts…..
A court appointed receiver applying to the court for determination of his remuneration was subjected to 2 days cross-examination on ...
Liquidator’s remuneration approved, and power of sale confirmed
In yet another decision on remuneration, and the power of a liquidator to sell trust assets to recoup that remuneration, a ...
Trusts and liquidators’ rights of indemnity – whose decision is “universally regarded as incorrect?”
In determining that liquidators had a right of indemnity, and priority, over trust property for payment of their remuneration and ...