One of the dark arts…..
A court appointed receiver applying to the court for determination of his remuneration was subjected to 2 days cross-examination on his evidence “in excruciating detail”,
19/11/2016
Liquidator’s remuneration approved, and power of sale confirmed
In yet another decision on remuneration, and the power of a liquidator to sell trust assets to recoup that remuneration, a Court has found that remuneration
19/11/2016
A lesson in Chinese law from Donald Trump
President-elect Donald Trump is, apparently, litigious, with, it is said, at least 3500 in the US federal and state courts. He has also been a
18/11/2016
Trusts and liquidators’ rights of indemnity – whose decision is “universally regarded as incorrect?”
In determining that liquidators had a right of indemnity, and priority, over trust property for payment of their remuneration and expenses, the Victorian Supreme Court
17/11/2016
Late payers – what to do? and the ATO wants to know as well
An inquiry into late payments to creditors has been commenced by the Australian Small Business and Family Enterprise Ombudsman. A report is due by March
17/11/2016
Pre-packaged insolvencies – new English standards from 1 December 2016
Australia’s law reform aversion to pre-packaged insolvencies – “pre-packs” – compares with a process of their cautious acceptance and continual refinement in England. A new
16/11/2016
Is an ipso facto contract termination “unfair” on a small insolvent business?
New laws have commenced under the ASIC Act and Australian Consumer Law extending unfair contract term protections to small businesses. The law allows “unfair” and “standard
13/11/2016
Australia’s draft Insolvency Practice Rules 2016 – some issues
The draft Insolvency Practice Rules raise a few fundamental issues about due process – natural justice, professional body involvement, confidentiality and transparency, being covered by
12/11/2016
Reasons for Queensland Nickel’s Special Purpose Liquidators being Appointed?
Special purpose liquidators have properly been appointed by the Federal Court to some aspects of the Queensland Nickel companies of Clive Palmer but it would
10/11/2016
Special purpose liquidators – merely a creditor’s whim?
Insolvency law has a mixed view of its liquidators. On the one hand they are said to be of the highest integrity, qualified and experienced,
10/11/2016
Joint insolvency regulat(ion)
The bankruptcy regulator, AFSA, has announced a new approach to its regulation of the 200 trustees in bankruptcy in Australia, focusing more on a trustee firm’s
09/11/2016
Traill Bankruptcy Conference – much better than the corporate alternative
Read the funding proposal for ASIC’s regulation of liquidators and understand why bankruptcy is so much more advanced. Corporate insolvency practitioners, lawyers and academics should attend the Rosie
07/11/2016
Beneficial ownership of companies, and access to ASIC data
The government has invited us to “have our say” on what it says is “Australia’s first Open Government National Action Plan”, the draft plan being
02/11/2016
More (and more) government inquiries
Two important Senate inquiries of 2014 and 2015 that lapsed at the election have been reinstated, but still with long reporting dates into 2017; and
31/10/2016
ASIC before the Senate – no more scalps, goodness will prevail; complaints in the “thousands”; and the ASIC database
Senate questioning of ASIC does provide some useful information at times. In the inquiry into ASIC’s 2015 annual report by House of Representatives Standing Committee
29/10/2016
Solomon’s Justice in Maritime China
The maritime court structure of China was first set up in 1984 and over the short period since then the 10 main courts have established
20/10/2016
Insolvency Practice Rules 2016 – draft for comment
The Rules in support of the Insolvency Law Reform Act 2016 have been released in draft for comment by 4 November 2016. These follow an earlier
12/10/2016
New Zealand Voluntary Administration Law – an independence challenge to the administrators
“Pre-appointment work, including involvement in the drafting of a proposed deed of company arrangement, is not unusual in the corporate insolvency context and does not
12/10/2016
Insolvency practitioners’ offence reporting
Although the government is trying to distance any connection between wrongdoing and a company going into liquidation or a person becoming bankrupt, the law and policy
10/10/2016
Review of the big banks
The Treasurer has asked the Standing Committee on Economics to inquire into and report on what is termed a Review of Australia’s Four Major Banks.
03/10/2016
The Halcyon Isle resurrected – the law applicable to maritime liens
In a case involving “an important issue for the operation of maritime law in this country” a 5 member bench of the Federal Court has overruled
28/09/2016
Liquidators riding a remuneration merry-go-round
The commentaries on how the judges assess, or should assess, the remuneration of liquidators is reaching saturation point, one practitioner likening it to being on a merry-go
25/09/2016
Hanjin Shipping – an Australian perspective
The appointment of a receiver to the large South Korean Hanjin Shipping Line has had an impact in Australia, with parties before the Federal Court
19/09/2016
Insolvency practitioners’ duties of neutrality
Liquidators and administrators, and trustees, when their appointments are challenged, have a duty of neutrality, to provide relevant facts to parties, and to the court,
16/09/2016
