The Culleton bankruptcy
Mr Rodney Norman Culleton, a federal politician, was made bankrupt by the Federal Court on 23 December 2016: Balwyn Nominees Pty Ltd v Culleton [2016] FCA
24/12/2016
Protected: A CALDB decision against a liquidator under the existing law, and how the new law will operate
There is no excerpt because this is a protected post.
22/12/2016
The new effects test – and banks financing of distressed businesses
The government has introduced the Competition and Consumer Amendment (Misuse of Market Power) Bill 2016 into parliament which would implement the Harper recommendations on section
21/12/2016
Insolvency law reform – some harsh words
Murrays Legal recently reported a comment that our new insolvency law arriving in 2017 was the worst insolvency law reform we have seen. This prompts me to repeat
20/12/2016
Insolvency Practice Rules 2016 released – Corporations and Bankruptcy
The Insolvency Practice Rules (Corporations) 2016 have now been released, without fanfare, and are on the Federal Register of Legislation. The Insolvency Practice Rules (Bankruptcy) 2016 have
20/12/2016
ASIC’s data – the sale is off; now for some decisions….
The government has announced that it is not proceeding with the private sector bids to upgrade and operate ASIC’s registry functions. The bids were said not
20/12/2016
What insolvency practitioners and lawyers and regulators need to know before too long …
The new insolvency reforms commence in about 9 weeks, on Wednesday 1 March 2017, under the Insolvency Law Reform Act 2016. This is a perspective
15/12/2016
Review of APES 330 – Insolvency Services
When the Accounting Professional & Ethical Standards Board (APESB) updates APES 330 – Insolvency Services to take account of the new insolvency laws, it may need to
12/12/2016
Are accountants, and lawyers, prepared for NOCLAR?
The APESB has released a draft of new section 225 of the Code of Ethics for Professional Accountants, APES 110, for comment by 15 March 2017.
10/12/2016
Prepacks – useful for law and accounting firms going under?
ASIC was recently asked in parliament for its views on “prepacks”, or pre-packaged insolvency administrations, with understandably cautious responses given. A law reform recommendation to
10/12/2016
Leave to sue despite a cross-border insolvency stay
Leave has been given by the English High Court for a claimant to continue proceedings against STX, a Korean ship building company despite its entry
09/12/2016
Sharing contempt penalties with liquidators and trustees
New Zealand courts will divide up fines imposed on directors or bankrupts for contempt for failure to assist insolvency practitioners, half going to the government
06/12/2016
Senator Williams and the Finnish model of insolvency
A group of small insolvency practitioners has had raised in parliament its project aiming at a universal and consistent approach to the insolvency reforms commencing in
06/12/2016
UNCITRAL’s 50 Years – Cross-border insolvency of corporate groups; recognition of insolvency judgments – UNCCA
A conference in celebration of the 50th anniversary of UNCITRAL was held in Brisbane on 2 December 2016. Among other issues discussed was the UNCITRAL
04/12/2016
Employees’ super – why trust the employer?
The Economics References Committee is to report by 22 March 2017 on various issues concerning the non-payment of superannuation by employers for their employees.
03/12/2016
Red Tape Committee and the words of Montesquieu
Montesquieu’s words from the 18th century – “les lois inutiles affaiblissent les lois nécessaires” – are often quoted in the modern context of the need to
01/12/2016
Another new co-regulation regime for insolvency practitioners – NZ, following the UK and India
Just as India has introduced co-regulation of its new breed of insolvency practitioners, so has New Zealand acted on a recent recommendation to introduce a
01/12/2016
India’s new insolvency professionals regime
A major new insolvency regime commenced in India in May 2016. It introduces co-regulation of insolvency practitioners – IPs – through direct regulation by their professional bodies – IPAs –
30/11/2016
An expansion of the Banking Code, or is a change in the law needed?
The story about the conduct of bank officers in the Sydney Insolvency News prompts my suggestion for a widening of the banking code, or even
25/11/2016
European Commission proposes new approach to business rescue in Europe
On 22 November 2016, the European Commission presented a set of new European rules for business insolvency which member states are to implement. These include
23/11/2016
the Sakr Nominees appeal and well beyond …
Whatever is said in the pending NSW Court of Appeal decision in Sakr Nominees, it is timely to propose that, just as the government is assessing
22/11/2016
Mad Dogs could not legally perform its contract in breach of insolvent trading laws
An insolvent company cannot legally continue to perform its contract by which debts are incurred. Hence it has no claim for repudiation of the contract
20/11/2016
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
