Australian bankruptcy statistics 2019-2021
Numbers of Australia’s 3 year long bankruptcies were down 46.7% in 2020-2021, producing an average dividend of only 1.63c/$. The private profession, which handles about
17/12/2021
Australian MSME insolvency law reform
Australian lawyers are presently represented at an international gathering of experts to address the need for particular insolvency laws for small business in the wake
15/12/2021
Unconscionable and immoral corporate conduct – nothing personal
In imposing a $153 million penalty on the Australian Institute of Professional Education, already in liquidation, for its “deliberate and protracted unconscionable conduct of a
06/12/2021
Any insolvency remuneration review as sought by ASIC “would be unprincipled and ultimately, wholly pointless”
From the opening paragraphs, one can foresee the outcome of this decision, about ASIC’s “unprincipled and pointless” intervention to deny voluntary administrators of GD Pork
03/12/2021
Do our insolvency laws suit small business failures?
In shopping for a suit recently, I noticed that the Big Store displayed its suits according to brand, which apparently suited the Store, or its
01/12/2021
High level of business bankruptcies in construction and retail
Latest figures show that nearly 60% of personal bankruptcies in the construction industry were involved in a business, with those in retail businesses comprising around
25/11/2021
An insolvency law reform inquiry? first things first….
The prospect of an inquiry into insolvency law was raised in a recent speech by the chair of the Australian Law Reform Commission, Justice Sarah
25/11/2021
Insolvency Law Bulletin – October 2021 – Halifax, Arrium, MSME insolvency, letters of comfort, and (discretionary) trusts
The latest Insolvency Law Bulletin is out with a range of articles covering current and on-going issues in insolvency law and practice – so current
31/10/2021
Proposed New Zealand law restricting investigating accountants taking insolvency appointments
A bill introduced into the New Zealand parliament would mean that if ABC Insolvency Firm took a role as investigating accountant to assess and report
29/10/2021
Rethinking insolvency law – a follow up
We are pleased to see some further responses to our early ideas on reform of the structure of the insolvency system. These were presented at
20/10/2021
Sole traders and insolvency
A report on the financial business health of Australian small business takes the novel approach of looking at sole traders. Behind that positive image of
15/10/2021
Trust law and insolvency – views of the NSW Chief Justice; law reform prospects
A paper given by the NSW Chief Justice, Tom Bathurst – ‘Commercial trusts and the liability of beneficiaries: are commercial trusts a satisfactory vehicle to
07/10/2021
High Court confirms principles of judicial independence
The High Court of Australia has found that social communications between a judge and a lawyer for a litigant in a matter that the judge
06/10/2021
Electronic delivery of documents in bankruptcy and liquidation – continued
In my earlier comments trying to work out why we now have unharmonized drafting approaches and rules for electronic service of insolvency documents, depending on
03/10/2021
Corporate Collective Investment Vehicles
The government is consulting on a Bill in line with what it says is its commitment “to establishing a commercially viable regime for corporate collective investment
27/09/2021
UK insolvency practitioners – “evidence of intimidation, deception, dishonesty and even misappropriation of assets”?
A very critical report on the insolvency profession in the UK – Resolving-Insolvency-APPG-on-Fair-Business-Banking-and-Humphries-Kerstetter.pdf (appgbanking.org.uk) has come from the All Party Parliamentary Group on Fair Business
14/09/2021
Reinventing the Australian Insolvency System
At a seminar on 4 August 2021, Jason Harris and I presented our ideas on reform of the insolvency system in Australia, which we have
13/09/2021
Australian personal insolvency and small business reform in the wake of Covid
An overseas publisher has asked me to give an update on the latest in small business bankruptcy law in Australia, for a comparative article, the
11/09/2021
Judicial impartiality report awaits the High Court decision in Charisteas – more dancing on pinheads
Following a recent Australian Law Reform Commission seminar – Impartiality from both sides of the Bench | ALRC – held on 19 July 2021, the
10/09/2021
Australia’s review of its insolvency safe harbour – more than a few issues to consider, but in the end, about not much
The terms of reference and what is called a ‘discussion paper’[1] for this review under s 588HA have been released, although the intention of the
06/09/2021
Objections to a bankrupt’s 3 year discharge in Australia – mixed messages and unfair law
Apart from Australian law imposing a long period for a person to be subject to the restrictions and stigma of bankruptcy, of 3 years, it
01/09/2021
You call that a lockdown? Australia’s bankruptcy laws
If those in small business think the lockdowns are tough, for weeks or even months at a time, the government has a much longer lockdown
01/09/2021
ASIC’s corporate plan, and the 27 August hearing before the PJC
With ASIC having appeared before the Parliamentary Joint Committee on Corporations and Financial Services on 27 August 2021, ASIC’s Corporate Plan 2021-25 has also just
28/08/2021
Review of Australia’s safe harbour protection from insolvent trading – remember s 588HA [updated]
The federal government has finally made arrangements to have Australia’s “safe harbour” from insolvent trading law reviewed – s 588GA, introduced in September 2017. But
23/08/2021
