Small business insolvency advice via the Ombudsman
The federal government’s current focus on personal insolvency law reform coincides with Small Business Month in NSW and the Small Business and Family Enterprise Ombudsman’s
01/03/2022
“Voluntarily becoming bankrupt” – the new bankruptcy process
A person goes voluntarily bankrupt in Australia by completing an online “Bankruptcy Form” with the Official Receiver. What is now more a loosely worded opaque
22/02/2022
Liquidators’ examinations – a sea apart; legislative drafting – “a huge amount of material to wade through before they take a single step”
The decision of the High Court of Australia in Walton v Arrium [by majority (3-2)] adopting a broad interpretation of the examination power under s
18/02/2022
Company owners and sole traders
In the government’s proposed 5 year review of the Insolvency Law Reform Act 2016 changes, one particular issue needing attention is indirectly prompted by the
11/02/2022
Australia’s response to money laundering and terrorist financing – a Bill for a Bill
The Australian parliament’s response to a 2016 recommendation to introduce law to counter money laundering and terrorist financing – by way of a Bill introduced
10/02/2022
Australia’s latest MSE and personal insolvency law reform – this is supposed to be a “long-term approach”?
The Australian government seems to be putting the final touches to reforms of its insolvency law regime that commenced with the onset of COVID-19. These
02/02/2022
Proof of service of a bankruptcy notice – why it is, or why is it, so important?
A woman made bankrupt by a federal court registrar exercising judicial authority of the court has had her bankruptcy set aside because she was not
24/01/2022
Proof of service of a bankruptcy notice – why it is, or why is it, so important?
A woman made bankrupt by a federal court registrar exercising judicial authority of the court has had her bankruptcy set aside because she was not
24/01/2022
Deregistered/dissolved companies – let them be?
The UK Insolvency Service has been granted new investigative and disqualification powers to regulate directors who ‘dissolve’ (in Australian terms, ‘deregister’) their companies to avoid
07/01/2022
Deregistered / dissolved companies – let them be?
The UK Insolvency Service has been granted new investigative and disqualification powers to regulate directors who ‘dissolve’ (in Australian terms, ‘deregister’) their companies to avoid
07/01/2022
Insolvent insolvency practitioners?
An Australian insolvency industry body – ARITA – has suggested that the law should be changed to allow insolvency practitioners (IPs) who themselves become insolvent,
22/12/2021
UK’s proposed single insolvency regulator – beware Australian comparisons [revised]
After some long period of deliberation, the UK government has decided to itself take a direct role in the regulation of its insolvency practitioners (IPs),
22/12/2021
Is it relevant outside Canberra whether a law is within or without Treasury’s portfolio?
With the government’s Treasury department busily introducing changes to the law to allow virtual meeting technology (VMT) for corporate liquidations, and liquidator job interviews, the
20/12/2021
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