Changes to Australia’s insolvency laws – some different perspectives
The recent changes to Australia’s insolvency laws are being well explained by the experts. These are some comments from me both on the changes and
24/03/2020
How to best handle a major airline collapse
When a government sets up an inquiry into how to deal with the insolvency of a certain industry, the industry and those involved in it
14/03/2020
Australia’s inconsistent tax and insolvency laws
Recent research has revealed that although the Australian Taxation Office (ATO) lost its priority in insolvencies in 1993, and was relegated to a pari passu
13/03/2020
The proportion of insolvency practitioners who are women
Around the time of International Women’s Day and more generally there is often discussion about the low proportion of women registered as liquidators or trustees
10/03/2020
New UK Insolvency Code of Ethics
A new version of the Insolvency Code of Ethics will apply from 1 May 2020 to all insolvency practitioners in the UK. In its reliance
09/03/2020
A regulator’s report on insolvency practitioner remuneration
Australia’s bankruptcy trustees receive an average of $4,800 in administering each estate, with 63% of estates paying no remuneration at all – the government has
08/03/2020
Protected: AFSA’s report on remuneration
There is no excerpt because this is a protected post.
05/03/2020
AFSA’s report on insolvency practitioner remuneration
AFSA has produced a report on insolvency practitioner remuneration – Registered Trustee Remuneration in the Personal Insolvency System – Best practice report 2020 – offering
05/03/2020
Obligations to whistleblow
Journalists and accountants among others are obliged by NSW law to ‘whistleblow’ – to report to the police – if they know of the commission
02/03/2020
The proposed reinvigoration of the UK’s business rescue culture through ‘recalibration of the balance of power’ – some steps too far for Australia?
A recent academic article from the UK has reviewed proposed restructuring reforms announced by the government in August 2018, although yet to be implemented. These
01/03/2020
Three liquidators for three intertwined companies
A Judge appointed individual liquidators to three separate companies – OT, AGM and Ozifin – rather than a common liquidator for all of them, even
26/02/2020
ASIC’s initial claim of illegal phoenix activity by a liquidator now the subject of a 160 page statement of claim
This post is further updated on 26 February 2021 to reflect that ASIC filed its statement of claim against Mr Bettles on 19 February. Orders
26/02/2020
Winding up a foreign company – Blumenthal’s Tipsy Cake
Tipsy Cake was wound up on 12 February 2020, having had provisional liquidators appointed on 20 December 2019, who then became the liquidators. The company
25/02/2020
Too much independence? a re-issue of my 2016 commentary
My analysis below of the law of insolvency practitioner independence, written in October 2016, is reissued in February 2020 in light of the thesis of
23/02/2020
A not so simple fix for franchise insolvency?
The financial collapse of a franchisor can have a severe impact on its franchisees but a “simple fix” proposed to address that impact may not
22/02/2020
Disclosure of business tax debts to credit agencies
Law allowing the Australian Taxation Office (ATO) to disclose tax debt information of businesses – corporate and personal, over AU$100,ooo in debt – to registered
22/02/2020
What has happened to the proposed beneficial ownership of shares register?
A review of the ASIC Annual Report 2018 by a parliamentary committee was tabled only in February 2020. The report has a section headed: ‘What
21/02/2020
Cross-border insolvency hearing between Australia and New Zealand
The Federal Court of Australia requested the High Court of New Zealand to help it jointly hear applications on 18 February relating to the pooling of
21/02/2020
A review of Australia’s insolvency practitioner regulation system
Given a choice between a good insolvency law and poor practitioners, and good practitioners and a poor insolvency law, the latter is preferred. Australia seems
18/02/2020
Independence of debtors’ chosen liquidators
If directors apply to the court have their company wound up in insolvency, or in fact support an application for winding up, should there be
11/02/2020
Three year ‘imprisonment’ for bankruptcy debt
Australia has historically been seen as severe in its approach to unpaid debt and opposition to changing the 3 year period of time before bankruptcy
09/02/2020
Does insolvent trading work? The UK may not think so.
In the context of the review of the safe harbour provisions in Australia, there have been recent articles on insolvent trading – s 588G –
09/02/2020
A deferred tax debt can remain due and payable
If a company owing a debt enters into an agreed payment arrangement with the creditor, that can serve to defer that debt as being ‘due
08/02/2020
Don’t be too harsh on non-compliant directors of failed companies?
The laws regulating the conduct of directors of companies in liquidation and laws regulating persons who go bankrupt exist in two different universes, consistent with
07/02/2020