Insolvency profession

Demands by liquidators – trying their luck, or “no ifs, buts or maybes”?

If anyone receives a letter from a liquidator of a company requesting, or demanding, important information, or payment of a …

TIP – The Insolvency Portal

My 2018 versions of the Bankruptcy Act and the Corporations Act retain much of the process and procedure found in …

New NZ Insolvency Code of Professional Conduct

RITANZ, the Restructuring Insolvency and Turnaround Association of New Zealand, has released its Code of Professional Conduct for its members, …

Offence reporting in insolvency

In reporting breaches of the law to ASIC, and triggering action by ASIC, liquidators are not required to express any …

ASIC before the PJC – phoenix, DINs, AA Fund and the continuing 3 sins of liquidators

This is a very brief commentary on and extracts from evidence given by Mr James Shipton and others from ASIC …

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. …

What’s up, or on, in insolvency, early in 2018?

The following commentary on submissions due, events and conferences, professional standards, international and local, hearings and case law*, all in …

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 …

Liquidator conduct appeals – how long should they take?

The hearing of a challenge before the Administrative Appeals Tribunal of a Companies Auditors and Liquidators Disciplinary Board, (now CADB), …

Farmers’ debts – ‘sit down at a table and work it out, and walk away, alive’

Preventing the appointment of receivers to ‘family farms’ and using farm debt mediation instead seems to be an idea that …

Are accountants professionally restricted in advising directors on safe harbour?

A pending new publication on corporate restructuring contains these comments about Code obligations of insolvency accountants advising financially distressed and …

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 practitioner independence – a ‘fair-minded’ or ‘uncharitably-minded’ assessment

The most recent decision on insolvency practitioner independence confirms an ongoing trend of treating the fair-minded observer, whose view is …

ASIC’s 2016-17 Report – insolvency practitioners

ASIC’s 2016-2017 annual report has been released.  The following comments focus on the report’s comments on ASIC’s oversight of liquidators …

Codes of conduct

Codes of conduct need to remain in step with on-going changes in the commercial and business worlds in which they …

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 new insolvency laws – their benefits

The changes effected by the Insolvency Law Reform Act 2016 are now law with some parts having commenced on 1 …

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 …

Liquidators, and ASIC, acting without authority – all fixed

When a person inadvertently exercises powers without legal authority, a prompt legal response is required. The consequences can be serious, …

“a sad (but regrettably not uncommon) occurrence in contemporary professional life”.

“The personal circumstances of DDQ offer a sad (but regrettably not uncommon) occurrence in contemporary professional life”. A disciplinary tribunal …

A case of ‘just in case’ – Network Ten

The concept of “potential” or “putative” insolvency administrators who have had “recent, long-term, substantial and remunerative involvement” with the company …

Bankruptcy trustees’ remuneration challenge – continued

A Victorian Supreme Court decision gives some background to the regulator’s decision to reduce bankruptcy trustees’ remuneration by over $277,000, …

Liquidators – have your “policies and procedures” handy, or “propose to put them in place”, soon

New section 30B of the ASIC Act allows ASIC to ask a liquidator to produce the ‘policies and procedures’ relating to external administrations and …