Accountants and NOCLAR – more than a systems update
Professional accountants in Australia will soon be bound by a new standard that could require them to report offences to the police, or, in accountants’
11/06/2017
Creditor’s examination summons of a liquidator upheld
A creditor’s summons for the section 596A public examination of the liquidator about his sale of company property has been found not to be an abuse
08/06/2017
Penalty privilege – one says hello, the other says goodbye
There are at least two unsatisfactory stories in this. The first one first. The High Court’s decision in Rich v ASIC was big news in
07/06/2017
What work was involved in this liquidation and why did it take the time and resources claimed?
A liquidator’s remuneration claim of over $350,000 for conducting the winding up a country dental practice involving 24 of his staff spending over 940 hours of
05/06/2017
When litigation goes wrong – costs certificates
Legal costs of parties to an appeal may be met by the government, to a certain amount, if there was some unfortunate outcome or circumstance in
01/06/2017
Is the end result of Sakr Nominees continued “institutionalised time billing”?
While the insolvency profession might be satisfied with the final approval given to the liquidator’s remuneration, by Justice Ashley Black, in Sakr Nominees Pty Limited [2017] NSWSC
30/05/2017
A New Zealand Ponzi – the final outcome of McIntosh v Fisk
The second report of the NZ insolvency working group had deferred consideration of the application of the voidable transactions regime under the Companies Act and
29/05/2017
External dispute resolution and complaints framework, and “debt managers”
Whether or how to regulate “debt management” firms comes up in the government’s decision to accept all 11 recommendations of the first comprehensive review of the
29/05/2017
Penalising insolvent companies – a King Charles I comparison
Regulators seeking penalties against companies in liquidation often reveal, as I have recently commented,[1] some serious signs of frustration that their quarry has escaped their
27/05/2017
Australia today
“… Nazi troops responded to this secret emigration campaign by inspecting all Danish boats, using specially trained dogs to sniff out hidden Jews. To combat this
22/05/2017
“Straw directors”? no kidding!
The federal government is putting through laws that would give directors of companies greater latitude to incur debts that cannot be paid, with a view
21/05/2017
Friendly and ‘friendly’
With the rather confusing term ‘friendly liquidator’ continuing to be used: by the media: Dirty Deeds: Inside Australia’s Biggest Tax Scam – ABC News; reported
20/05/2017
NZ insolvency reform – gift cards, director identity numbers, voidable transactions, Ponzi schemes, and more
New Zealand does well in its insolvency law reform, partly assisted by not being a federation (no Linc Energy surprises), and also by not having
17/05/2017
Challenges to trusts by bankruptcy trustees – New Zealand law reform
A recent change to the New Zealand Insolvency Act 2006 (Schedule 1, new para (x)) has given power to the Official Assignee to bring a
15/05/2017
NSW mines and their potential environmental impacts
In the context of the recent intersections between environmental protection laws and insolvency laws, in relation to CORA laws and Linc Energy in Queensland, and Redwater
14/05/2017
APES 110 – accountants, whistleblowers and safe harbour advisers to note
Increased professional obligations of accountants, and insolvency practitioners, to refer breaches of the law to the authorities, are being considered at a meeting of the Accounting
12/05/2017
INSOL’s Directors in the Twilght Zone – Australia’s “medium risk” for its directors
INSOL International has released the 5th edition of its excellent review of the international laws regulating director conduct in the ‘twilight zone’ of a company’s financial
12/05/2017
World Bank Report on the Treatment of MSME Insolvencies
The World Bank has just released a report on small business insolvencies – Report on the Treatment of MSME Insolvency, 4 May 2017, (micro, small,
12/05/2017
Protected: ILRA precedents
There is no excerpt because this is a protected post.
10/05/2017
INSOL’s Statement of Principles for a Global Approach to Multi-Creditor Workouts
INSOL International has issued a second and updated edition of its Statement of Principles for a Global Approach to Multi-Creditor Workouts, launched at the recent
10/05/2017
Ethics in the practice of law: a profession, a business or both?
The Australian Academy of Law is holding its second ethics themed Sydney event on Tuesday 20 June 2017, on the question of the law as a profession
09/05/2017
The fees of insolvency lawyers – increased scrutiny under the new law
Liquidators and trustees in bankruptcy are more accustomed to seeing their own fees come under judicial scrutiny than the fees of their lawyers. Legal fees
08/05/2017
Government’s response to the 2015 Productivity Commission Report – “Business … closure”
That part of the Productivity Commission’s report on insolvency – or “closure” – was not one of its better efforts, though it was constrained by
08/05/2017
Funding personal and corporate insolvency regulation
ASIC and AFSA ASIC The funding of ASIC under the draft ASIC Supervisory Cost Recovery Levy Regulations 2017 by way of proposed levies on liquidators would
04/05/2017