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The latest issue of the Insolvency Law Journal (Volume 25 Part 4) contains the following material:
Section 206F of the Corporations Act 2001 (Cth) provides ASIC with a cheap and flexible enforcement power to disqualify for up to five years persons who have been involved in managing two or more failed companies within a seven-year period. Individuals who have been disqualified under s 206F may challenge such disqualifications through the merits review process at the Administrative Appeals Tribunal (AAT), and in further limited circumstances through the courts. This article examines the 36 AAT decisions that have determined challenges to the corporate regulator’s disqualification orders. It shows that while the AAT has set aside or varied around half of these disqualification orders (based in several cases on the consideration of fresh evidence) the AAT has nevertheless demonstrated a firm approach to upholding standards of responsible corporate management in those disqualification orders it has affirmed. The article concludes by outlining potential reforms to s 206F to further enhance the effectiveness of this provision in deterring insolvent trading and ensuring responsible corporate management practices.
RECENT DEVELOPMENTS – Dr David Morrison
- Lessons for Liquidators: The Asden Litigation and Liquidators’ Duties under the Corporations Act – Nicholas Saady
- True Leases v Finance Leases: Lesson Learnt from Canada – Michael Williams
- The Holding Deed of Company Arrangement: Its Origins, Utility and Validity – James O’Hara and Mark Hyde
- The Determination of Market Price Where a Receiver is Realising a Secured Asset – David Morrison
REPORT FROM NEW ZEALAND – Lynne Taylor
- The Calculation of “Due Debts” under the Insolvent Transactions Regime in the Companies Act 1993 (NZ): David Browne Contractors Ltd v Petterson – Lynne Taylor
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