Liquidators’ knowledge of bankruptcy law?
Do aspiring liquidators working in corporate insolvency practitioners really have an issue with the need to have some ‘exposure’ to bankruptcy in their required 4,000 hours experience? According to ASIC, and others, yes. I raised this at a recent conference,[1] prompted as I was by a practitioner querying, if not complaining, that to be […]
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, as two company liquidators, and more so ASIC itself, recently found out. The two liquidators join a long list of fellow bankruptcy trustees who have also inadvertently not renewed themselves. Liquidators’ registrations expiring Two liquidators inadvertently […]
Applying to become a trustee in bankruptcy – some guidance from the case law
New rules on the application process to become a trustee in bankruptcy have applied from 1 March 2017. Briefly, they involve an applicant having accounting and commercial law qualifications, some years of experience, no serious ‘form’, experience, knowledge and ability, and otherwise being fit and proper. An interview is required, and possibly an exam. This […]