COVID-19

Insolvent insolvency practitioners?

An Australian insolvency industry body – ARITA – has suggested that the law should be changed to allow insolvency practitioners …

The financial viability of personal insolvency practice in Australia

The Australian bankruptcy regulator – AFSA – has been making inquiries about the financial health of bankruptcy trustee firms during …

Bankruptcy seems to be the hardest word

The government has not said anything about insolvency law reform for financially struggling individual small business operators among its claimed …

Australia’s small business restructuring practitioners

Australia is proposing a sub-group of liquidator accountants to assist in administering its new corporate SME insolvency laws, set to …

Singapore’s new small business restructuring and liquidation regime – a “move away from earlier efforts to ‘hold the line'”

The Singapore parliament passed the Insolvency, Restructuring and Dissolution (Amendment) Bill 2020 on 3 November 2020. It will amend the …

Do the Australian small to medium business insolvency reforms add up?

The numbers upon which the government is relying for the proposed SME reforms[1] don’t seem to add up. Apart from …

Australia’s insolvency law reforms – useful information from government officers

On 26 October 2020 the Economics Legislation Committee inquired of various Treasury officers about personal and corporate insolvency law reform, …

Fightback! SMEs get a new restructuring tool

The federal Treasurer has announced a new restructuring regime for struggling small to medium enterprises (SMEs)[1] which adopts a ‘debtor-in-possession’ …

Insolvency protections extension to 31 December 2020

The Corporations and Bankruptcy Legislation Amendment (Extending Temporary Relief for Financially Distressed Businesses and Individuals) Regulations 2020 serve to extend …

Extension of the COVID-19 insolvency protections – what’s the real problem?

The Australian government has extended the monetary threshold of A$20,000 for the commencement by creditors of bankruptcy and liquidation proceedings …

Can a debtor resist a bankruptcy arising from COVID-19?

So far the courts in Australia have not had to deal with many creditors’ bankruptcy petitions against debtors in the …

Australian bankruptcies fall 42% over the ‘virus’ quarter

Australian personal insolvencies in 2019-2020 have continued to fall, quite dramatically, of over 23% on last year, and over 35% …

Australian Small Business Ombudsman’s ‘COVID-19 Recovery Plan’ – ‘turnaround and insolvency’

The Australian Small Business and Family Enterprise Ombudsman has issued a COVID-19 Recovery Plan, of May 2020. Within that the …

Behind the UK government insolvency reforms

The Corporate Governance and Insolvency Bill has been introduced into the United Kingdom Parliament and is due for debate on …

Further Covid-19 Restructuring Survey Results – Australia

In my post of 3 May 2020, I reported on various surveys both during the COVID-19 crisis, and before. One …

Surveys of Australian insolvency and turnaround professionals

An early survey of insolvency professionals in Australia in relation to the impact of COVID-19 reveals an apparent contradiction, that …

Australia’s temporary personal debt protection

One of the ‘COVID-19’ bankruptcy reforms made in Australia on 25 March 2020 was to extend the period of a …

A class action hearing ‘as inconvenient and tedious as this is going to be’ – COVID-19

Ford Motor Co has failed in having adjourned, for COVID-19 reasons, a class action hearing over its allegedly defective gear …

New Zealand’s COVID-19 insolvency measures – safe harbour; debt hibernation

The New Zealand Government has announced it will be introducing legislation to make changes to the Companies Act to help …

Case adjourned for COVID-19 health and property value concerns

A son’s claim under the ACT Family Provision Act 1969 sought a life interest in property of his deceased mother, …

Australia’s new fortnightly ‘COVID-19’ personal insolvency statistics

The Australian bankruptcy trustee and regulator AFSA has started to release fortnightly statistics on personal insolvencies in Australia[1] to assist …

‘Unhappy’ delay in an insolvent winding up

A NSW Judge was ‘unhappy’ about delay in a solvency report being prepared for the defendant, in response to what …

ARITA’s ‘bushfire and COVID-19’ request to government for funding

ARITA – the main Australian industry body representing insolvency practitioners and lawyers – has asked the government[1] for funding to …

Managing the insolvency curve – a new government role is needed?

There is expected to be a wave of businesses and individuals going into liquidation or bankruptcy despite the huge financial …