Courts’ statistics on their delayed judgments
As a 2025 postscript to my comments below, while it will often be difficult to anticipate the time that litigation commenced by an insolvency practitioner
07/12/2024
ASIC updates “guidance to help directors prevent insolvent trading”
ASIC has updated its regulatory guide for directors and their professional advisers on the duty to prevent insolvent trading – s 588G Corporations Act –
07/12/2024
A confused director
A challenge to a winding up demand served on Lifestyle Homes (ACT) Pty Ltd over the omission of the words ‘of court’ went through 5
02/12/2024
A further continued fall in personal insolvencies
Following my October 2024 report, below, that personal insolvencies dropped in number in each of July, August and September 2024, AFSA has now reported the
30/11/2024
Not a skerrick …..
An Australian judge used the unusual word ‘skerrick’ recently, which means “a small piece or quantity” – as in “the absence of a skerrick of
28/11/2024
Personal insolvency numbers
AFSA has reported that personal insolvencies increased in the September quarter 2024 compared to September quarter 2023. That is, there were 3,307 new personal insolvencies
27/11/2024
Insolvency and competition law – two disciplines moving as parallel universes, without coordination
“Ultimately, it seems that the two disciplines move as parallel universes, without any coordination …”. Only “by linking the attempt to restructure the company in
21/11/2024
Are pecuniary penalties actually paid?
One enforcement tool of regulators is to obtain a court ordered civil penalty against the respondent company or individual. That then allows the regulator to
11/11/2024
AFSA’s annual report on personal insolvency?
The AFSA 2023–24 Annual Report has been released, reporting on the information required under particular public sector legislation. Unlike ASIC, AFSA is not required to,
08/11/2024
Litigation Funding in Insolvency and in Class Actions
This queries corporate insolvency’s requirement for approval of liquidators’ litigation funding in the context of an article comparing litigation funding of insolvency claims and of
07/11/2024
Insolvency law reform – and income contributions
A 1997 article about the need for data in insolvency law reform, rather than relying on assumptions and anecdotes unsupported by empirical research, remains as
04/11/2024
Insolvency practitioner remuneration – continued ….
A report in a daily newspaper[1] has commented on the large fees earner by liquidators and administrators in attending to the collapse of some large
30/10/2024
What is the future of insolvency practice?
In my reply to an interesting comment from a practitioner about the fundamental difficulties of lack of funding for insolvency work, I extracted my commentary
28/10/2024
Annotated Bankruptcy Act 10th ed, 2024, LexisNexis
Annotated Bankruptcy Act 1966, 10th edition I am pleased to have had published the 10th edition of the Australian Annotated Bankruptcy Act 1966 by LexisNexis.
27/10/2024
ASIC’s annual report 2023-2024 – Chapter 5 insolvency issues
ASIC has released its 2023-2024 annual report. ASIC annual reports | ASIC. Under s 136(1)(ca) of the ASIC Act 2001, it is required report on
23/10/2024
The need for a new process for the appointment of insolvency practitioners?
A Judge has expressed concern about the processes for the appointment of insolvency practitioners, suggesting adverse relationships with their lawyers, leading to an abdication of
21/10/2024
Insolvency trends – should they be higher?
Recent figures show trends in insolvencies in Australia – nothing too significant at a macro level though distressing at a personal level. But perhaps they
14/10/2024
ASIC’s updated guidance on liquidator registration and discipline; AFSA; and the ART
ASIC has released updated regulatory guidance on statutory committee registration and discipline processes, and related issues: see Revised Regulatory Guide 258 Registered liquidators: Registration, ongoing
05/10/2024
Gender balance in the insolvency industry
With women comprising only around 10% of insolvency practitioners, the issue of gender balance continues to receive attention, among broader issues of diversity in that
05/10/2024
Reviewing liquidators – under review?
ASIC has announced that it has appointed 15 new members to its Reviewing Liquidator Panel, following the expiry of the 5 year terms of the
03/10/2024
Coercive control and insolvency
ASIC has asked registered liquidators to “stay alert” for signs of family and domestic violence when conducting insolvency administrations.[1] ASIC explains that any behaviour that
01/10/2024
Fees of insolvency practitioners and lawyers
The commentary following was issued on 15 August 2021. It is reissued for historic interest only, perhaps, on the assumption that fee relations between lawyers
10/09/2024
Personal insolvency figures up and ‘reforms’ pending
Personal insolvencies increased in July 2024, to 1157 compared with the lows of 851 in June 2024, and 929 in July 2023, according to new
07/09/2024
ASIC’s civil penalty regime – an academic review
In the midst of a focus on the enforcement activity of ASIC following a critical Senate Committee report,[1] we have an article – Penalty Regimes
06/09/2024