SME insolvency reforms – a one year bankruptcy and more
The Australian government’s 2015 proposal to reduce the 3 year period for the imposition of the restrictions of bankruptcy to 1 year remains on foot;…
ATO’s right to garnishee – a “privileged position … likely to result in failed corporate rescue attempts”?
A recent article Getting the priorities right: ATO garnishee notices in times of corporate distress by Sylvia Villios and David Brown[1] has highlighted what is…
Transparency in the selection process of liquidators and trustees
The Insolvency Law Reform Act 2016 introduced some, let's say, novel provisions in relation to the registration and discipline of Australian insolvency practitioners which I…
‘In the ordinary course of business’ in insolvency – why are we following wrong thinking New Zealanders?
The term ‘ordinary course of business’ in law is meant to describe a transaction that was within the normal operations of a particular business, it…
Choosing practitioners to administer Australian MSME insolvencies
The Australian government is presently finalising its draft SME insolvency law reform proposals. Apart from getting the law right, as significant a task is deciding…
Who wants to be an SME insolvency practitioner? Australia’s proposed reforms
Australia proposes to follow England’s lead in giving insolvency practitioners the initial role in new debtor in possession insolvency reforms, but in rather different ways.[1] …
Australia’s proposed MSME insolvency reforms – an international perspective
Australia’s draft legislation to implement its announced MSME corporate insolvency reforms may have drawn more on international than local thinking, in particular in relation to…
Insolvent assetless MSMEs – all but forgotten?
Does it matter that a company is insolvent such that something should be done by way of putting it into a formal insolvency arrangement under…
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’ model for companies owing less…
Under the Trans-Tasman Mutual Recognition laws, licensed New Zealand insolvency practitioners should be able to practise in Australia …
New Zealand has a new insolvency practitioner regulation regime which commenced on 1 September 2020. The regime has processes allowing Australian registered liquidators to be…
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 the existing insolvency protections to…
UK’s plan to give great access to corporate data, beneficial ownership etc
In What has happened to the proposed beneficial ownership of shares register? in February 2020, I asked what has happened to the Australian government’s ”First…
UK gearing up for major corporate liquidations in ‘unpredictable times for the insolvency sector …’
In what appears to be ominous but necessary preparation for the continued economic consequences of COVID-19, the UK Insolvency Service is seeking insolvency practitioner firms…
Courts ‘should be wary of [liquidator] disclaimers where environmental liabilities are to be passed onto taxpayers or innocent persons’
A court has set aside liquidators' disclaimer of contaminated property on a challenge by the environmental regulator. Particularly in a voluntary liquidation of a company,…
Corporate Criminal Responsibility – final ALRC report
The Australian Law Reform Commission report, Corporate Criminal Responsibility (ALRC 136), was tabled in Parliament on 31 August 2020. The 20 recommendations made seek to…
Insolvency licensing bodies confirmed for New Zealand’s new regulatory regime
The New Zealand Registrar of Companies has approved the first licensing bodies for the commencement of the new regulatory regime for its insolvency practitioners on…
Insolvency and debtor in possession – hospital or home care?
If Joe thought he might have a serious medical condition, but did not want to go to hospital for a period of some weeks to…
New Zealand’s $1 insolvency practitioner regulation levy
The new New Zealand insolvency practitioner regulation regime, commencing on 1 September 2020, will be funded in part by a $1 fee on all company…