Lost in my translation – correction to bankruptcy trustee remuneration statistics
AFSA has properly drawn to my attention that figures I have given about the remuneration of bankruptcy trustees have not been correct, or correctly explained…
Reform of insolvency communications by email, and beyond
Corporate insolvency law in Australia concerning communications with creditors needs modernising, and well beyond what is available in 2020. When early cars, then termed locomotives,…
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 enable it to address various…
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 measures being taken by the…
Just when we have some creditor activism in insolvencies …
Will the current extreme crisis we confront finally stir insolvency creditor activism, but in the wrong way? or further dampen it? Just as the drum…
Changes to Australia’s insolvency laws – some different perspectives
The recent changes to Australia's insolvency laws are being well explained by the experts. These are some comments from me both on the changes and…
How to best handle a major airline collapse
When a government sets up an inquiry into how to deal with the insolvency of a certain industry, the industry and those involved in it…
A regulator’s report on insolvency practitioner remuneration
Australia's bankruptcy trustees receive an average of $4,800 in administering each estate, with 63% of estates paying no remuneration at all - the government has…
The proposed reinvigoration of the UK’s business rescue culture through ‘recalibration of the balance of power’ – some steps too far for Australia?
A recent academic article from the UK has reviewed proposed restructuring reforms announced by the government in August 2018, although yet to be implemented. These…
Too much independence? a re-issue of my 2016 commentary
My analysis below of the law of insolvency practitioner independence, written in October 2016, is reissued in February 2020 in light of the thesis of…
Disclosure of business tax debts to credit agencies
Law allowing the Australian Taxation Office (ATO) to disclose tax debt information of businesses – corporate and personal, over AU$100,ooo in debt - to registered…
What has happened to the proposed beneficial ownership of shares register?
A review of the ASIC Annual Report 2018 by a parliamentary committee was tabled only in February 2020. The report has a section headed: ‘What…
The new law’s limitations in controlling phoenix misconduct
The new anti-phoenix laws, so welcomed in certain quarters, will come up against some business and personal behaviours that are resistant to control and that…
Three year ‘imprisonment’ for bankruptcy debt
Australia has historically been seen as severe in its approach to unpaid debt and opposition to changing the 3 year period of time before bankruptcy…
Don’t be too harsh on non-compliant directors of failed companies?
The laws regulating the conduct of directors of companies in liquidation and laws regulating persons who go bankrupt exist in two different universes, consistent with…
A pointless distinction in corporate insolvency
In the 19th century, where much corporate insolvency law thinking still remains, a distinction was made between court ordered liquidations on the one hand, and…
Review of Australia’s insolvency safe harbour – s 588GA
Australia’s ‘safe harbour’ regime under s 588GA is due for review, since September 2019, as to whether it offers the right balance between creditor compensation…
ARITA’s response to the Ombudsman’s small business insolvency inquiry
ARITA has offered a 60-page submission to the Ombudsman’s inquiry, which, given the quality of the inquiry, may be rather excessive but is nevertheless useful.…