The potential for conflicts of interest in professional co-regulation
Referrals to a disciplinary committee of two senior insolvency practitioners with connections prompt my further explanations of Australia’s insolvency practitioner regulation system and raise issues…
New Zealand’s bankruptcy monopoly – an MP’s parting comments
The New Zealand Official Assignee administers all personal insolvencies; it shares the administration of corporate insolvencies with the private sector. A Labour member of the…
Extension of insolvent trading concessions – flake news?
Someone government person called Andrew is saying that the insolvent trading protections for directors will be extended beyond 25 September 2020? https://www.skynews.com.au/details/_6178269074001 Flake news? Is…
Income of a bankrupt – “even accepting that chattels might … be received as income, a ship is a very different proposition”.
An unlikely case about the salvage of a 120 year old wooden ship – the Defender - has found its way into bankruptcy law, with…
Funding of insolvency claims – the PJC inquiry: revised
A submission by Adelaide academics in relation to insolvency litigation funding came before the Parliamentary Joint Committee on 24 July, well presented by Professor Lombard…
Cross-border proof of an Australian bankruptcy
A certificate of appointment under Bankruptcy Regulation 8.02 in relation to a voluntary bankruptcy should generally be sufficient to support a trustee’s proposed application overseas…
A bankrupt taxpayer – “It is no answer … to say that the Commissioner can be trusted”.
The Federal Court has correctly held that a person who is bankrupt has no standing to challenge a tax assessment of the Commissioner: Hanna v…
Ombudsman’s company insolvency recommendations
The ASBFEO (Ombudsman) has asked that the government fix what is said to be a broken corporate insolvency system in Australia before the apocryphal ‘insolvency…
Company deregistration – government’s fast track response to assetless companies
Fast-tracking insolvent assetless companies through a default de-registration process was introduced, in effect, by the Insolvency Law Reform Act 2016 (ILRA). In removing the arcane…
Bankrupt for life
An Australian personal bankruptcy lasts for a minimum of 3 years in Australia - whether it is an overly committed consumer or an economically impacted…
Protected: Australian Insolvency Losers System (in vol admin) – commercial in confidence
In conducting investigations for the preparation of my hypothetical s 439A report for the second meeting of creditors on 24 July 2020, information now available…
Mainzeal’s NZ$36m reckless trading appeal pending; bankruptcy of director deferred
Liquidators of Mainzeal with a NZ$36m judgment for reckless trading against the company's directors have failed in an attempt to bankrupt one of the directors…
Liquidators’ remuneration in Halifax referred to a referee
Going back some years, Australia rejected a single insolvency regulator for its personal insolvency practitioners on the one hand, and its corporate insolvency practitioners on…
Bankruptcy – ‘the Court looks with suspicion on consent judgments and default judgments’
It is not often that a bankruptcy court will go behind the judgment upon which the creditor’s petition against the debtor is based. But there…
“Insolvency business is booming …” in the UK
Adrian Duncan was an insolvency practitioner in Australia years ago.[1] He now practises in the UK and it seems is doing quite well given what…
How much to regulate an Australian liquidator? a NZ liquidator?
While ASIC is currently taking submissions on its proposed funding charges for the regulation of Australian liquidators, and other groups – see Cost recovery implementation…
New Zealand’s insolvency practitioner regulation regime, from 1 September 2020
A new insolvency practitioner regulation regime for New Zealand will start on 1 September 2020, according to RITANZ, only a short time after its intended…
Liquidators’ remuneration – “most businesses do not charge out that way”
A Judge apologised at the start of his judgment for the length of time he took to determine liquidators’ remuneration. On reading the judgment, and…