Latest Developments
- Important - proposed changes to IPA Constitution
The National Committee of the IPA will propose important changes to the IPA’s Constitution at the 2010 Annual General Meeting being held in Adelaide on 18th May. These changes arise from a series of projects undertaken by sub-committees of the National Committee over the past two years. Full Members of the IPA will be asked to vote on these... Read More »
- Latest on personal property securities (PPS) reform
In December 2009, the Personal Property Securities Act 2009 (the PPS Act) was enacted dealing with the creation, priority among, and enforcement, of security interests in personal property. The government says it intends that this Act will commence in May 2011. Insolvency practitioners need to be familiar with this regime and the need to search... Read More »
- Hall v Poolman - appeal decision being given at 9.30am 31 March
NSW Chief Justice Spigelman has an interesting article on litigation in the current NSW Law Society Journal of March 2009. He discusses the costs of litigation and in referring to the costs of corporate insolvency generally he says [p 64]: ”in some of the biggest cases of corporate stress – Centro, Allco, Babcock... Read More »
- Terry Taylor
It with deep regret that I have to advise members that Mr Terry Taylor, a past president of the IPA, passed away on 7 March 2009 after a brief illness. Terry was a well respected insolvency practitioner from Ferrier Hodgson with a long-standing involvement in the IPA. He was a President... Read More »
- IPA closed from 25 December and re-opens on Monday 4 January
The IPA office is closed from 25 December and re-opens on Monday 4 January 2010. We hope all our members have a restful Christmas New Year break as we look forward to an interesting and productive year in 2010. The IPA team Read More »
- Practice Forum
DO you have questions or ideas on improving professional practice? Are there systemic issues you would like discussed? If so, send your questions or ideas to Michael Murray, IPA Legal Director . Read More »
- Senate inquiry - report to be issued 14 September
The Senate Economics Legislation Committee has advised that it intends to extend the inquiry and table its final report on Tuesday, 14 September 2010. We will advise members when the report is available and as to its contents. IPA Read More »
- Regulation of New Zealand Insolvency Practitioners
A new negative licensing system has been proposed for New Zealand to address what is seen as an issue of substandard insolvency practitioners operating in the insolvency industry. Negative licensing involves the preclusion or suspension of incompetent or delinquent practitioners (as demonstrated by their prior action and performance) from operating as liquidators, administrators and receivers. ... Read More »
- RSS News Feed - Automatic Feed from IPA Web Site
Members are reminded that they can subscribe for automatic feed from the IPA web site. If you subscribe you will receive an alert when we update the web site with: important news items practice alerts major events Not all items... Read More »
- Civil Dispute Resolution Bill - Senate inquiry not proceeding
23.7.10: Due to the prorogation of parliament, this Committee has determined not to continue this inquiry. If the Bill is reintroduced in the new parliament, the Senate can again refer it to the Committee for inquiry and report. ------------------------------------- On 23 June 2010 the Senate referred the Civil Dispute Resolution Bill 2010 for inquiry and report to... Read More »
- Australia: The Sins of the Sons (of Gwalia) Are Visited on Creditors Yet Again
Link to article A US correspondent has written a provocative piece on Australia’s approach to the rights of shareholders in an insolvency, arising out of the recent High Court decision in Sons of Gwalia (SOG). Evan Flaschen, of US firm Bracewell & Giuliani, acts for US investors in SOG. In... Read More »
- CVL Changes
Download our Practice Update on the changes to Creditors' Voluntary Liquidation legislation which includes a process flowchart and the new steps required. CVL Practice Update Read More »
- Changes in bankruptcy law
Protection of superannuation in bankruptcy The Government had announced back in December 2003 that changes would be made to the Bankruptcy Act to allow bankruptcy trustees to recover certain contributions made to a superannuation fund before bankruptcy. The reforms foreshadowed allowing bankruptcy trustees to recover "excessive contributions" and contributions made with... Read More »
- SGC Changes
Download a copy of the SGC changes and Practice Update click here Read More »
- NSW Associations Incorporation Act 2009 - novel insolvency laws?
The NSW Associations Incorporation Act 2009 commences on 1 July 2010. Its objects are to establish a scheme for the registration of associations that are constituted for the purpose of engaging in small-scale, non-profit and non-commercial activities, including associations that are currently unincorporated, and associations that are currently incorporated under other legislation, and to make provision... Read More »
- Ariff - bankruptcy and company liquidation
Former IPA associate member Mr Stuart Ariff was the subject of court proceedings brought by ASIC: see ASIC v Ariff [2009] NSWSC 829. Orders, including monetary compensation orders, were made against Mr Ariff. A sequestration (bankruptcy) order has now been made against the estate of Mr Ariff. The trustee in bankruptcy is, subject to creditors' approval,... Read More »
- The Corporations (Aboriginal and Torres Strait Islander) Act 2006 – external administration
The Corporations (Aboriginal and Torres Strait Islander) Act 2006 – external administration New legislation has commenced concerning Aboriginal corporations, including as the circumstances of their insolvency. The Corporations (Aboriginal and Torres Strait Islander) Act 2006 (CATSI Act) was passed by the Australian Parliament on 18 October 2006 and commenced operation on 1... Read More »
- Restructure of the federal courts - insolvency impact
The federal Attorney-General has announced a proposed restructure of the federal courts. As the Attorney says, currently, some matters under Commonwealth law are heard by the Federal Magistrates Court, the Family Court or the Federal Court. Both the Family Court and Federal Magistrates Court can hear family law matters and the Federal Court and Federal Magistrates... Read More »
- Personal property securities law passed - ITSA to operate PPS register
Personal Property Securities Legislation The Personal Property Securities Bill 2009 and the Personal Property Securities (Consequential Amendments) Bill 2009 have passed by both Houses of Parliament. Four states, NSW, Queensland, Victoria and South Australia, have passed legislation referring legislative power over PPS to the Commonwealth. ITSA to operate PPS Register... Read More »
- A common insolvency regulator? - submission due 30 July
29.6.10: The Productivity Commission has called for responses by 30 July to its draft report recommending consideration of a common insolvency regulator, to replace ITSA and ASIC. See http://www.pc.gov.au/projects/study/regulatoryburdens/business-consumer-services/draft This is a live issue before the Senate inquiry on which IPA has made submissions. The Commission has also agreed with IPA's submission that the... Read More »
- Latest on personal property securities (PPS) reform
In December 2009, the Personal Property Securities Act 2009 (the PPS Act) was enacted dealing with the creation, priority among, and enforcement, of security interests in personal property. The government says it intends that this Act will commence in May 2011. Insolvency practitioners need to be familiar with this regime and the need to search... Read More »
- Senate report on PPS (Corporations and Other Amendments) Bill 2010
The Senate Legal and Constitutional Affairs Legislation Committee has released its report on the Personal Property Securities (Corporations and Other Amendments) Bill 2010 and has recommended the Bill be passed. If any member has concerns about the Bill, please let the IPA know. Michael Murray IPA Legal Director mmurray@ipaa.com.au Read More »
- Government funding for employee buy-outs of distressed businesses
The Hon Chris Bowen MP, Minister for Financial Services, Superannuation and Corporate Law , has announced a Federal Government award of $1.8 million to the Australian Employee Ownership Association to establish the Australian Employee Buyout Centre (AEBC) in Fairfield, Western Sydney. The Centre’s purpose will be to save jobs by assisting employees purchasing businesses threatened with... Read More »
- IPA Code - revised draft open for comment
As members are aware, the IPA Code of Professional Practice has been in operation since May 2008. It was always seen as a ‘living document’ and consistent with that, a review of the Code has been undertaken. We foreshadowed that review and the nature of some of the proposed changes in the June 2009 issue of the... Read More »