Spent convictions of insolvency practitioners
According to a report from Stuff in New Zealand, a long-established liquidator has been denied permission to continue to practise based upon his convictions for
26/10/2020
Transparency in the selection process of liquidators and trustees
The Insolvency Law Reform Act 2016 introduced some, let’s say, novel provisions in relation to the registration and discipline of Australian insolvency practitioners which I
17/10/2020
‘In the ordinary course of business’ in insolvency – why are we following wrong thinking New Zealanders?
The term ‘ordinary course of business’ in law is meant to describe a transaction that was within the normal operations of a particular business, it
15/10/2020
Choosing practitioners to administer Australian MSME insolvencies
The Australian government is presently finalising its draft SME insolvency law reform proposals. Apart from getting the law right, as significant a task is deciding
15/10/2020
Who wants to be an SME insolvency practitioner? Australia’s proposed reforms
Australia proposes to follow England’s lead in giving insolvency practitioners the initial role in new debtor in possession insolvency reforms, but in rather different ways.[1]
11/10/2020
Australia’s proposed MSME insolvency reforms – an international perspective
Australia’s draft legislation to implement its announced MSME corporate insolvency reforms may have drawn more on international than local thinking, in particular in relation to
08/10/2020
Coronavirus safe harbour – beware the claytons waterfall in s 588GAAA
It is interesting to now see the clear limitations the government has placed on the protections offered by the COVID-19 ‘safe harbour’ reforms, in the
30/09/2020
“industry codes with their precepts, guidance and aspirational verbiage cannot dictate the proper construction and application of the relevant statutory provisions”
Soft law in Australia takes a rather strict approach in assessing the independence of insolvency practitioners, more so than, for example, the UK: for a
30/09/2020
Duties of directors of insolvent companies – New Zealand Supreme Court decision
The NZ Supreme Court has given a significant decision on the duties of directors in the face of their company’s financial difficulties. Comparison is made
29/09/2020
Fightback! SMEs get a new restructuring tool
The federal Treasurer has announced a new restructuring regime for struggling small to medium enterprises (SMEs)[1] which adopts a ‘debtor-in-possession’ model for companies owing less
28/09/2020
Under the Trans-Tasman Mutual Recognition laws, licensed New Zealand insolvency practitioners should be able to practise in Australia …
New Zealand has a new insolvency practitioner regulation regime which commenced on 1 September 2020. The regime has processes allowing Australian registered liquidators to be
26/09/2020
A health check of the Australian corporate insolvency system – updated
Commentary following issued in April 2020 is reissued in September 2020 in light of the reports that a significant proportion – close to 55%* –
23/09/2020
Insolvency protections extension to 31 December 2020
The Corporations and Bankruptcy Legislation Amendment (Extending Temporary Relief for Financially Distressed Businesses and Individuals) Regulations 2020 serve to extend the existing insolvency protections to
22/09/2020
UK’s plan to give great access to corporate data, beneficial ownership etc
In What has happened to the proposed beneficial ownership of shares register? in February 2020, I asked what has happened to the Australian government’s ”First
19/09/2020
A 2012 committee of creditors found in 2020 to be invalidly appointed
In May 2012 a national Australian transportation company was put into liquidation and on 2 July, a meeting of creditors was held which purported to
18/09/2020
A “private arrangement” between a liquidator and the Tax Commissioner
The Commissioner of Taxation has purchased a litigation claim from a liquidator, on what terms we are not permitted to know. One of the reforms
18/09/2020
INSOL’s report on practitioner remuneration – another perspective
There is more to insolvency practitioners’ (IP) remuneration than is usually presented, and this commentary explains relevant issues not generally addressed, and in a broader
16/09/2020
UK gearing up for major corporate liquidations in ‘unpredictable times for the insolvency sector …’
In what appears to be ominous but necessary preparation for the continued economic consequences of COVID-19, the UK Insolvency Service is seeking insolvency practitioner firms
15/09/2020
Insolvency Law Bulletin – safe harbour, Tiger Resources, Virgin and who’s the employer
The latest Insolvency Law Bulletin contains a warning about the (then) ending on 24 September of the COVID-19 protections, now since extended to 31 December.
10/09/2020
Bankruptcy and family provision claims
In Bankrupt for Life, concerning the way a person can remain bankrupt for ever in Australia if they never file their statement of affairs (SOA),
10/09/2020
Some parliamentary reminders for ASIC’s 2020 annual report
The 1 September 2020 report of the Parliamentary Joint Committee on Corporations and Financial Services on the 2018–2019 annual report of ASIC has pointed out
09/09/2020
Extension of the COVID-19 insolvency protections – what’s the real problem?
The Australian government has extended the monetary threshold of A$20,000 for the commencement by creditors of bankruptcy and liquidation proceedings and the 6 month periods
09/09/2020
Courts ‘should be wary of [liquidator] disclaimers where environmental liabilities are to be passed onto taxpayers or innocent persons’
A court has set aside liquidators’ disclaimer of contaminated property on a challenge by the environmental regulator. Particularly in a voluntary liquidation of a company,
03/09/2020
Corporate Criminal Responsibility – final ALRC report
The Australian Law Reform Commission report, Corporate Criminal Responsibility (ALRC 136), was tabled in Parliament on 31 August 2020. The 20 recommendations made seek to
01/09/2020