There was a total of 9,930 personal insolvencies in Australia in the 2022–23 financial year – around 4% higher than the 2021–22 annual figure of
The federal government has announced it will stop its Modernising Business Registers (MBR) program following independent review findings that the program could not deliver value
The Supreme Court of New Zealand has dismissed directors’ appeals from a finding that they must pay over NZ$6 million and up to NZ$39.8 million
Mr Adam Cranston has been sentenced to 15 years jail for his involvement in conspiracies to deprive the Commissioner of Taxation of over $105m in
ASIC has lost a major Federal Court proceeding brought against a senior and experienced liquidator, Jason Bettles, alleging that his conduct “constituted so gross a
The full article on this topic of 1800 words, for those interested, looks that the PJC Report recommendations about “untrustworthy pre-insolvency advisers”. It is Part
The PJC Report on Corporate Insolvency 2023 has responded to concerns expressed about “untrustworthy pre-insolvency advisers”, those that are said to offer and facilitate unlawful
Updated 14.8.23: While pondering the 2023 Parliamentary Joint Committee’s recommendations about pre-insolvency advisers, I am reminded to go back to some earlier comments that in
In my comments of July 2023 following, I reviewed the 2022 call for evidence in the UK on reform of the personal insolvency system. The
While the government is thinking about the various recommendations of the PJC Report[1] about improving our current corporate insolvency laws, I have been trying to
ASIC is in the process of updating 4 of its regulatory guides on insolvency, in the next few months, and consulting on 2 new ones.
While much is made of the “record penalties of $438m” penalties imposed on the Phoenix Institute and related companies for egregious conduct in relation to
Updated 29 July 2023. Given the number of current and on-going inquiries into ASIC, it is as if the regulator were a wild renegade, calling
and is “indicative of broader systemic factors within the insolvency system itself …”. The recent PJC Report on corporate insolvency recommended that [13] the proposed
31 March 2022 Many of us who call for a major review of our insolvency laws must know that the data on the performance of
“Enforcement agencies have long been aware of the role that the abandonment [deregistration] of companies plays in illegal phoenix activity. In 1995 the Australian Securities
The Parliamentary Joint Committee on Corporations and Financial Services (‘PJC’) handed down its Report into Corporate Insolvency in Australia on 12 July. The Report contains
What is said to be the limited response by ASIC to corporate misconduct reports by liquidators is the subject of some on-going attention. Recommendation 19
At the same time that the chair of the Australian PJC inquiry into corporate insolvency, Senator Deborah O’Neill, said that self- or co-regulation of insolvency
The July 2023 PJC report into corporate insolvency[1] makes recommendations on the “problem” of the limited female representation among liquidators, around 10%, noting that “there
The quality of a recent UK review of its 2020 insolvency law reforms is compared with the approach taken in Australia. In my comment of
While England is still deciding whether to change its system of insolvency practitioner regulation from one of co-regulation by professional bodies to one of direct
Personal insolvency numbers show a continued increase in numbers but still well below past figures; on the other hand, corporate insolvencies are just approaching pre-COVID-19
While Australia is currently focusing on the standards of conduct of accounting firms, and their partners – see Ethics and Professional Accountability: Structural Challenges in
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