ASIC beleaguered – updated
Updated 29 July 2023. Given the number of current and on-going inquiries into ASIC, it is as if the regulator were a wild renegade, calling
29/07/2023
Liquidator remuneration is “a perfect example of the many competing interests that arise in a liquidation” …
and is “indicative of broader systemic factors within the insolvency system itself …”. The recent PJC Report on corporate insolvency recommended that [13] the proposed
25/07/2023
What does our insolvency system produce? [re-issued July 2023]
31 March 2022 Many of us who call for a major review of our insolvency laws must know that the data on the performance of
25/07/2023
Looking more at deregistered companies
“Enforcement agencies have long been aware of the role that the abandonment [deregistration] of companies plays in illegal phoenix activity. In 1995 the Australian Securities
19/07/2023
Thoughts on the PJC’s Corporate Insolvency Report
The Parliamentary Joint Committee on Corporations and Financial Services (‘PJC’) handed down its Report into Corporate Insolvency in Australia on 12 July. The Report contains
19/07/2023
Offence reporting by insolvency practitioners
What is said to be the limited response by ASIC to corporate misconduct reports by liquidators is the subject of some on-going attention. Recommendation 19
17/07/2023
UK insolvency practitioners to come under direct government regulation
At the same time that the chair of the Australian PJC inquiry into corporate insolvency, Senator Deborah O’Neill, said that self- or co-regulation of insolvency
17/07/2023
Gender, and diversity, in insolvency practice, continued
The July 2023 PJC report into corporate insolvency[1] makes recommendations on the “problem” of the limited female representation among liquidators, around 10%, noting that “there
17/07/2023
UK’s review of its 2020 insolvency law reforms, with Australia compared
The quality of a recent UK review of its 2020 insolvency law reforms is compared with the approach taken in Australia. In my comment of
09/07/2023
Cancellation of a liquidator’s registration
While England is still deciding whether to change its system of insolvency practitioner regulation from one of co-regulation by professional bodies to one of direct
09/07/2023
Increase in Australian insolvency numbers
Personal insolvency numbers show a continued increase in numbers but still well below past figures; on the other hand, corporate insolvencies are just approaching pre-COVID-19
04/07/2023
Should the firms of insolvency practitioners be regulated, along with the practitioner?
While Australia is currently focusing on the standards of conduct of accounting firms, and their partners – see Ethics and Professional Accountability: Structural Challenges in
23/06/2023
Personal insolvency statistics – March quarter increase; April monthly decrease
There is good and bad news in the latest personal insolvency statistics from AFSA. March quarter increase The full March 2023 quarter numbers show an
01/06/2023
Principles of Regulation of Insolvency Practitioners – an international standard
This comment was issued in October 2018; it is re-issued in May 2023, but not updated, for interest. The rather opaque International Association of Insolvency
17/05/2023
The respective complexities of corporate and personal insolvency
A question on notice of 1 March 2023 was asked by the chair of the Parliamentary Joint Committee on Corporate Insolvency in relation to what
15/05/2023
Anti-money laundering laws to be improved, including registers of beneficial owners
The 2023 budget has allocated funds for action on Anti‐Money Laundering and Counter‐Terrorism Financing (AML) laws, including a beneficial ownership register to “record who ultimately
11/05/2023
World Bank’s B-Ready Report on country business systems, including on the efficiency of corporate insolvency systems
This explains the World Bank’s new Business Ready initiative, which will report on the business systems of up to 180 country economies including their insolvency
05/05/2023
Insolvency practitioner independence – how commercial is the fair-minded observer?
A pending WA appeal decision may address the issue of the extent to which commercial considerations surrounding the appointment of insolvency practitioners can be relevant
04/05/2023
Personal insolvency statistics – March 2023 – beginnings of an increase?
The latest personal insolvency statistics released by AFSA for March 2023 show an increase in number over February but still well below past figures. New
28/04/2023
Insolvency law reform in Australia – three underlying concerns
With over 70 submissions from a wide variety of stakeholders and numerous answers to questions on notice, the parliamentary joint committee[1] inquiry into corporate insolvency
06/04/2023
Personal insolvency numbers – an increase or a decrease?
While AFSA reports that personal insolvencies increased in number in February 2023, to 796, from 772 in January, this was hardly significant – in fact,
05/04/2023
Now we have three Part 5.3B restructuring practitioners
One more person has been appointed as a restructuring practitioner to conduct administrations under Part 5.3B of the Corporations Act bringing the total to three
01/04/2023
ASIC’s insolvency law enforcement role
The Senate Economics References Committee is loading up submissions received on its reference into ASIC’s capacity and capability to “undertake proportionate investigation and enforcement action
27/03/2023
Attorney-General’s Roundtable on Personal Insolvency
A summary of priority issues discussed at the Attorney-General’s personal insolvency law reform roundtable held on 2 March 2023 has been released by the Attorney-General’s
23/03/2023