‘Modernising’ insolvency communications
The Australian government’s consultation paper - Modernising Business Communications - Improving the Technology Neutrality[1] of Treasury Portfolio Laws, of December 2020 – offers, as an…
Australian root and branch bankruptcy reform – creditors’ rights? Elizabeth (Ist) laws? SMEs? …
While COVID-19 restrictions on creditors in bankruptcy have ended, though now with an increased $10,000 threshold, the experience should prompt one of many root and…
Australia’s new liquidator registration processes, and its ‘new liquidators’
On 30 December 2020, ASIC issued guidance on the new liquidator registration processes that apply in Australia two days hence - from 1 January 2021…
Bad bankruptcy notices
A bankruptcy notice was found to have been wrongly issued by the Official Receiver because it did not attach a final judgment or order of…
The financial viability of personal insolvency practice in Australia
The Australian bankruptcy regulator - AFSA - has been making inquiries about the financial health of bankruptcy trustee firms during what AFSA terms ‘the challenges…
Reinventing Bankruptcy Law – Virginia Torrie
This is a very good book on Canadian insolvency law, sadly with no equivalent in Australia, as I explain below. My review of it was/is…
Australia’s litigation funding market a ‘global hotspot for international investors … many based in tax havens and with dubious corporate histories’ with returns of ‘more than 500%’
The tone and findings of this 454 page report by the Parliamentary Joint Committee on Corporations and Financial Services - Litigation funding and the regulation of…
The ‘powerhouse’ of small and medium enterprises and their recovery ‘boosted’ by our new insolvency laws
Interesting to know from what [limited] bases journalists get their views ... 'Finally, a fair go for small suppliers', R Gottliebsen, The Weekend Australian, 19-20…
Corporations Amendment (Corporate Insolvency Reforms) Act 2020 No 130 of 2020
This is now law, with a date of assent of 15 December 2020, and with a commencement date for most provisions of 1 January 2021.
Bankruptcy threshold to be increased from $5,000 to $10,000
The Australian government has not been ignoring personal insolvency reform in 2020, despite its recent small business reforms dealing only with the smaller proportion of…
NZ’s measured review of class actions and litigation funding, noting Australia’s ‘polarised’ debate
The New Zealand Law Commission has commenced a 2 year inquiry into litigation funding and class actions, right at the time that an Australian parliamentary…
Does small business count?
This Ombudsman's follow up report - Small Business Counts - examines small to medium business enterprises (SMEs) from an economics and technology perspective, including as…
Australia’s corporate SME insolvency law may soon become law – and then….
The Corporations Amendment (Corporate Insolvency Reforms) Bill 2020 progressed through a third reading in the Australian parliament on 8 December 2020 and its passage is…
Corporate insolvency reforms 2020 – referred to a committee?
Report No 11 of 2020 of the Senate’s selection of bills committee of 3 December 2020 has considered the Corporations Amendment (Corporate Insolvency Reforms) Bill…
Bankruptcy seems to be the hardest word
The government has not said anything about insolvency law reform for financially struggling individual small business operators among its claimed “the most significant reforms to…
SME insolvency – an alternative approach
Small business enterprises (SME) in Australia are conducted through the full range of legal entities available – sole traders, partners, corporate trusts, companies, associations and…
What is the future of insolvency practice?
The insolvency reforms of 2017 have been seen as a missed opportunity for Australia to introduce internet-based processes and approaches to its insolvency law, which,…
Australia’s small business restructuring practitioners
Australia is proposing a sub-group of liquidator accountants to assist in administering its new corporate SME insolvency laws, set to commence on 1 January 2021,…