Personal insolvency numbers – July-Sept 2023
With the annual personal insolvency statistics for 2022-2023 not due until December 2023, AFSA has released a quarterly report for the July-September quarter 2023, showing
27/11/2023
“Shock horror – insolvent people don’t have many assets”
While we wait for the useful annual statistics from AFSA as to dividend returns in bankruptcies in 2022-2023,* an insolvency training body in the UK,
27/11/2023
Australia has some of the longest lag times between employees being paid and taxes being remitted
This is a short historical background to the increasing non- or late payment of tax mainly by small businesses – owing over $33 billion of
21/11/2023
Bankruptcy Act restructure – when statements of affairs are accepted
AFSA advises that the Bankruptcy Amendment (Discharge from Bankruptcy) Act 2023 (Cth), came into force on Thursday 23 November 2023. See Bankruptcy Act amendment | Australian
21/11/2023
Australia on a slide? [continued]
While I need to update my February 2022 comments below, and note for example that the government has now given commitment to the multilateral Open
16/11/2023
Slow pace of litigation and incomprehensible laws
Former Federal Court judge Steven Rares is reported in the AFR[1] as having made several comments about the justice system in Australia, including about the
15/11/2023
Defining bankruptcy
The Bankruptcy Amendment (Discharge from Bankruptcy) Bill 2023 has been introduced into parliament. It has presumably been drafted by the Office of Parliamentary Counsel (OPC).
15/11/2023
Insolvent trading in context
Insolvent trading is one of the many items for review recommended by the Parliamentary Joint Committee report on Corporate Insolvency. ASIC is updating its guidance
08/11/2023
The business structures of SMEs
A recent article in the Australian Business Law Review – Not in isolation: The Rationale for a Combination of Business Structures in Australia[1] – analyses
06/11/2023
Bankruptcy by mistake – who pays?
What started out as a minor dispute over plumbing work for $2,880 descended into the plumber obtaining a judgment for $11,190 against the customer –
01/11/2023
“Related parties par excellence – company controlled by a wife on the one hand and the husband on the other”
When you are employed by your spouse’s company, and you attempt to resist bankruptcy based on your remuneration and support from that company, things can
31/10/2023
Rights to appeal – some limits?
In dealing with an unmeritorious bankruptcy law appeal, a Federal Court Judge has made a suggestion to limit appeal rights in order to avoid a
24/10/2023
Annual reports 2022-2023: of ASIC – ‘a deliberate strategy of obfuscation so that the public is kept in the dark ….’? and of AFSA
ASIC’s ASIC Annual Report 2022–23 has been released amidst some recent severe criticism of the quality of its annual reports over the years, in relation
18/10/2023
Regulation of firms offering insolvency services
Further to my earlier post on insolvency practitioner (IP) regulation in the UK, and contrary to expectations,[1] the UK government has backed away from replacing
17/10/2023
‘Masculinity contest cultures’, and gender imbalance?
Evidence before the Parliamentary Joint Committee inquiry into Ethics and Professional Accountability [1] (PJC inquiry) may assist in considering the gender imbalance recommendation of the
14/10/2023
Voluntary administrators removed as NZ interim liquidators of debtor on independence grounds
Following the appointment by the New Zealand High Court of Australian voluntary administrators of Probis as New Zealand interim liquidators of one of Probis’ creditors,
14/10/2023
Insolvent Trading and Minimal Returns to Creditors in Liquidations
This is a brief response to a well-researched and thoughtful article by Associate Professor Mark Wellard – Insolvent Trading: Director Accountability for Minimal Returns to
05/10/2023
Some insolvency law reform ideas from Scotland and New Zealand
“ … the state is, effectively, paying insolvency practitioners to end the life of small companies … a sub-optimal solution ….” “the standard liquidation process
28/09/2023
ACCC’s new penalty guidelines – some queries
The ACCC has issued new penalty guidelines – Guidelines on ACCC approach to penalties in competition and consumer law matters Three queries from my perspective One,
26/09/2023
The cross-border regulation of insolvency practitioners – insights from INSOL Tokyo
I was invited to present at the INSOL International Academic Colloquium on 12 September 2023 in Tokyo on the panel concerning ‘Insolvency Professionals’, along with
26/09/2023
Public interest supports time extension for insolvency recovery action
Litigation claims brought by insolvency practitioners (IPs) are not like the usual commercial claims on behalf of a commercial, or government, client. Despite marginal returns
25/09/2023
Australian voluntary administrators appointed as New Zealand interim liquidators
In Insolvency licensing bodies confirmed for New Zealand’s new regulatory regime – Murrays Legal, of August 2020, I explained the new liquidator licensing regime in
21/09/2023
Cross-border regulation of insolvency practitioners – INSOL Tokyo – where are the government regulators?
This commentary has now been updated. See The cross-border regulation of insolvency practitioners – Murrays Legal ============================================== I was pleased to speak at the INSOL
17/09/2023
ASIC v Jones [GD Pork] – insolvency practitioner independence and pre-insolvency advice
A court decision concerning insolvency practitioner independence and pre-insolvency advice usefully raises issues recommended for law reform review by the Parliamentary Joint Committee Report on
01/09/2023
