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
Insolvency licensing bodies confirmed for New Zealand’s new regulatory regime
The New Zealand Registrar of Companies has approved the first licensing bodies for the commencement of the new regulatory regime for its insolvency practitioners on
25/08/2020
Insolvency and debtor in possession – hospital or home care?
If Joe thought he might have a serious medical condition, but did not want to go to hospital for a period of some weeks to
25/08/2020
New Zealand’s $1 insolvency practitioner regulation levy
The new New Zealand insolvency practitioner regulation regime, commencing on 1 September 2020, will be funded in part by a $1 fee on all company
19/08/2020
Bankrupt for life?
An Australian personal bankruptcy lasts for a minimum of 3 years in Australia – whether it is an overly committed consumer or an economically impacted
18/08/2020
Can a debtor resist a bankruptcy arising from COVID-19?
So far the courts in Australia have not had to deal with many creditors’ bankruptcy petitions against debtors in the current COVID-19 environment. What with
14/08/2020
Australian SME insolvencies – the ATO as the solution?
While the government is no doubt considering a range of options to allow the insolvency system to cope with what is predicted to be a
12/08/2020
The potential for conflicts of interest in professional co-regulation
Referrals to a disciplinary committee of two senior insolvency practitioners with connections prompt my further explanations of Australia’s insolvency practitioner regulation system and raise issues
07/08/2020
New Zealand’s bankruptcy monopoly – an MP’s parting comments
The New Zealand Official Assignee administers all personal insolvencies; it shares the administration of corporate insolvencies with the private sector. A Labour member of the
06/08/2020
Extension of insolvent trading concessions – flake news?
Someone government person called Andrew is saying that the insolvent trading protections for directors will be extended beyond 25 September 2020? https://www.skynews.com.au/details/_6178269074001 Flake news? Is
05/08/2020
Income of a bankrupt – “even accepting that chattels might … be received as income, a ship is a very different proposition”.
An unlikely case about the salvage of a 120 year old wooden ship – the Defender – has found its way into bankruptcy law, with
04/08/2020
Funding of insolvency claims – the PJC inquiry: revised
A submission by Adelaide academics in relation to insolvency litigation funding came before the Parliamentary Joint Committee on 24 July, well presented by Professor Lombard
02/08/2020
Australian bankruptcies – falling numbers continue into the new financial year
The dramatic annual fall in personal insolvencies in Australia to 30 June 2020 has continued with the second half of July 2020 showing yet a
30/07/2020
Australian bankruptcies fall 42% over the ‘virus’ quarter
Australian personal insolvencies in 2019-2020 have continued to fall, quite dramatically, of over 23% on last year, and over 35% on the June 2019 quarter.
28/07/2020
Cross-border proof of an Australian bankruptcy
A certificate of appointment under Bankruptcy Regulation 8.02 in relation to a voluntary bankruptcy should generally be sufficient to support a trustee’s proposed application overseas
27/07/2020
A bankrupt taxpayer – “It is no answer … to say that the Commissioner can be trusted”.
The Federal Court has correctly held that a person who is bankrupt has no standing to challenge a tax assessment of the Commissioner: Hanna v
23/07/2020