Sakr Nominees – insolvency practitioner remuneration
The recent decision of Justice Black in PrimeSpace Property [2016] NSWSC 1821 (15 December 2016) might be seen by some as a worthy draft of
12/01/2017
Applying to become a trustee in bankruptcy – some guidance from the case law
New rules on the application process to become a trustee in bankruptcy have applied from 1 March 2017. Briefly, they involve an applicant having accounting
09/01/2017
Umpteen professional bodies regulating insolvency practitioners – overkill? or a spreading of the risk?
The new regulatory regime of insolvency practitioners under the Insolvency Law Reform Act 2016 provides for co-regulation shared between the regulators – ASIC and AFSA – and
08/01/2017
So you don’t want to conduct liquidations or administrations, you just want to do receiverships?
The new insolvency law commencing 1 March 2017 allows a practitioner to be registered solely for the purpose of being appointed receiver, although the practitioner
06/01/2017
Red tape committee turns to alcohol, with cabotage to follow
The Senate Red Tape Committee has decided to focus itself more, by inquiring into and reporting on specific areas. Alcohol It is starting off with an inquiry
03/01/2017
How the government decides on law reform …
Unlawful phoenix activity has been a subject of much consideration and recommendation over the years, with most recommendations ignored, and some perhaps properly so –
02/01/2017
Credit reporting of tax debts – one measure among many
From 1 July 2017, the Government has announced that it will allow the Australian Taxation Office (ATO) to disclose to Credit Reporting Bureaux the tax
02/01/2017
How or why WA forgot the existence of the Tax Acts or decided to proceed blithely in disregard of their existence
The concluding comment from the decision of the High Court in Bell Group N.V. (in liquidation) v Western Australia; W.A. Glendinning & Associates Pty Ltd
02/01/2017
Regulator reports on the high standards of insolvency practitioners, but …
The final report of the year 2016 on the standards and performance of the insolvency profession is rather impressive. Our 291 personal insolvency practitioners: recovered
31/12/2016
Senate inquiry
On 29 November 2016, the Senate referred the following matters to the Economics References Committee for inquiry and report by the last sitting day of
26/12/2016
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