ASIC
Mining company rehabilitation costs as contingent liabilities – Senate hearing
The question of how to account for outstanding rehabilitation costs of mining ventures was again before the Senate Environment and ...
Some casual Friday comments on recent insolvency developments
This is a quick review of some on-going current issues in insolvency and related. Pending decisions The Commonwealth v Byrnes ...
ASIC and one-year bankruptcy, AUSTRAC, a fees claim settled, and more …
The following further commentary on insolvency – submissions due, events and conferences and case law – may be of interest. ...
Macks v Viscariello – appeal outcome
The appeal decision in the contentious matter of Macks v Viscariello has now been delivered. It needs to be read ...
Pending insolvency law and practice changes
Some of us are waiting for Santa, others are waiting on anticipated updates in insolvency law so we can send ...
Vale CAMAC
Many will remember the Corporations and Markets Advisory Committee (CAMAC), and its predecessor CASAC. CAMAC produced many law reform reports ...
‘A one year bankruptcy or a 3 year debt agreement … what’s the catch?’
With Australia on the verge of introducing a one year period of bankruptcy, it is odd that no comparable reforms ...
‘If you want to take us on in court, go for your life because, guess what …’
ASIC may not have meant it but comments to the recent PJC inquiry about ASIC’s “transformational industry funding” may raise ...
ASIC and the PJC – hellholes, law enforcement, identity, funding, and more
Here are some selected snippets from the transcript of the PJC hearing oversighting ASIC, of 27 October 2017, the last ...
Guerilla tactics needed against phoenix misconduct
While the government is considering the various submissions on phoenix reforms, these quick thoughts came to mind, involving both government ...
Insolvency Law Reform Act – some real legislation errors
woodfer The changes effected by the Insolvency Law Reform Act 2016 are now law with some parts having commenced on ...
The fine print in an ASIC form
With Australia’s new insolvency laws commencing this Friday 1 September, there is a late flurry of activity from the legislature ...
International insolvency regulation – London 2017
The annual meeting of the International Association of Insolvency Regulators, IAIR, is being held in London, from 4 to 7 ...
Director charades continued
After giving directors the benefit of protection from liability for insolvent trading, through the ‘safe harbour reforms’, the government has ...
Getting rid of liquidators
While no-one in business likes losing a client or customer, usually, it happens all the time, as a matter of ...
ASIC’s 2017 annual report – what to expect in insolvency regulation
Report 532 ASIC’s regulation of registered liquidators: January to December 2016 is a rather dense and detailed report which explains ...
Creditor’s examination summons of a liquidator upheld
A creditor’s summons for the section 596A public examination of the liquidator about his sale of company property has been found ...
What work was involved in this liquidation and why did it take the time and resources claimed?
A liquidator’s remuneration claim of over $350,000 for conducting the winding up a country dental practice involving 24 of his staff ...
Friendly and ‘friendly’
With the rather confusing term ‘friendly liquidator’ continuing to be used: by the media: Dirty Deeds: Inside Australia’s Biggest Tax ...
APES 110 – accountants, whistleblowers and safe harbour advisers to note
Increased professional obligations of accountants, and insolvency practitioners, to refer breaches of the law to the authorities, are being considered at ...
Funding personal and corporate insolvency regulation
ASIC and AFSA ASIC The funding of ASIC under the draft ASIC Supervisory Cost Recovery Levy Regulations 2017 by way of ...
How fixed fees work in insolvency – 1,796 companies at £6000 each = £1600 per company
An English Chancery Court decision has given guidance on the reasonableness of fixed fees in an insolvency, albeit the fees ...
Lifting the fear and suppressing the greed – a Senate committee report on penalties for white collar crime
A long awaited Senate committee report on penalties for white collar crime was issued on 23 March 2017 under the ...
ASIC’s regulation of unlawful phoenix activity – report 513
ASIC’s latest enforcement report – REP 513 ASIC enforcement outcomes: July to December 2016 – says up front that it ...