Insolvency reforms – what to expect in the first few weeks
This explains what insolvency practitioners, and lawyers, may immediately confront in the first weeks or so of the new law, under those new or amended
06/02/2017
Discipline process in insolvency — from 1 March 2017 – corporate
[a more detailed coverage] Replaces CALDB A discipline committee convened by ASIC under s 40-45 of the Corporations Schedule replaces the role of the CALDB.
05/02/2017
The new insolvency laws – what to expect in the first weeks
What will liquidators, trustees and lawyers, and the courts, immediately confront in the first weeks or so of the new law, under the changes introduced to
03/02/2017
Assessing the insolvency regulators’ self-assessments – from tea and biscuits to zero tolerance
ASIC has released a report self-assessing itself, according to requirements of the Commonwealth Regulator Performance Framework: Report 511 ASIC self-assessment 2015–16. This requires all the
31/01/2017
Chains of responsibility – Queensland’s environmental protection law – part 2
The Queensland government has on 27 January 2017 issued a guideline under its new ‘chain of responsibility’ environmental protection legislation whereby a range of persons associated with
28/01/2017
Applying to be a bankruptcy trustee – part 2
The interest in this topic is such that some further issues must be explained, for the benefit of applicants and of the regulators. Can experienced
23/01/2017
The Culleton bankruptcy – part 3 – the appeal – decision reserved
On 27 January 2017, the Full Federal Court reserved its decision. It is to be given this week, on a date to be advised. The stay order
20/01/2017
Insolvency Law Reform Act 2016 – more unpaid work for liquidators?
ARITA has reported that the ILRA 2016 imposes a significantly broader range of reporting obligations on liquidators than indicated in the exposure draft of the
14/01/2017
If there is little money in the winding up, the liquidator will have to cut corners he might not otherwise cut
Insolvency practitioners have the choice to take on a liquidation or a bankruptcy and therefore must accept that there will be occasions when they will
13/01/2017
The Culleton bankruptcy – part 2
In my earlier commentary, I reported that Mr Rodney Norman Culleton had been made bankrupt by the Federal Court on 23 December 2016: Balwyn Nominees
13/01/2017
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