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
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