Insolvency profession

TIP – The Insolvency Portal

My 2022 versions of the Bankruptcy Act and the Corporations Act retain much of the process and procedure found in

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

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