*Please note that the links to the content in this Part will direct you to Westlaw AU. If you are using Checkpoint, the links can be found in the Checkpoint PDF at the bottom of this post.<\/p>\n
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The latest issue of the Insolvency Law Journal<\/em> (Volume 31 Part 2) contains the following material:<\/p>\n EDITORIAL<\/a> \u2013 Editor: Dr David Morrison <\/em><\/p>\n Insolvent Trading: Director Accountability for Minimal Returns to Creditors in Liquidations <\/strong><\/em><\/a>\u2013 Mark Wellard<\/p>\n Recent ASIC statistics relating to company liquidations suggest that insolvent trading is commonplace. Instead of accepting this as an unavoidable cost or inevitable outcome of corporate failure, amendments could be considered to improve accountability and incentives for directors of insolvent companies and better balance the competing imperatives of reasonable risk-taking (with its attendant economic benefits) and creditor protection (preventing abuse of use of the corporate form). The \u201csafe harbour\u201d from insolvent trading introduced in 2017 appears to support diligent directors of financially distressed companies in exploring legitimate turnaround options. However, the \u201csafe harbour\u201d reform did not address longstanding deficiencies in the statutory duty to prevent insolvent trading that undermine its effectiveness as a deterrent. Legislative measures introduced in 2019, to prevent directors abusing the Fair Entitlements Guarantee (FEG) scheme, may exemplify amendments that could be extended to automatically and temporarily disqualify directors of liquidated companies that deliver a \u201cminimal return\u201d to general unsecured creditors.<\/p>\n Australian Insolvency Practitioners as Unique Professionals: An Examination of the History of Liquidators and Trustees <\/strong><\/em><\/a>\u2013 Christopher Symes and Michael Murray<\/p>\n This article considers whether the history of company liquidation and liquidators in Australia is largely unremarkable and English-centred by focusing on the uniqueness of the corporate insolvency practitioner. The role of the Australian liquidator is examined in three parts. First by looking at the present nature of the insolvency profession, then tracing the history and origins of liquidators in both England and Australia through to the present day, and finally examining the professional context of corporate insolvency practitioners and questioning whether or to what extent they in fact do constitute a profession. The role of the bankruptcy trustee necessarily is covered in parallel, being the precursor to the liquidator and in its own right given Australia\u2019s separate laws for personal and corporate insolvency.<\/p>\n RECENT DEVELOPMENTS \u2013 Editor: Dr David Morrison<\/em><\/p>\n NEW ZEALAND REPORT \u2013 Editor: Professor Lynne Taylor<\/em><\/p>\n INTERNATIONAL NOTES \u2013 Editor: Dr David Morrison<\/em><\/p>\n BOOK REVIEW \u2013 Editor: Dr David Morrison<\/em><\/p>\n For the PDF version of the table of contents, click here: New Westlaw Australia – Insolv LJ Vol 31 No 2 Contents<\/a>\u00a0or here: Checkpoint – Insolv LJ Vol 31 No 2 Contents<\/a>.<\/p>\n Click here to access this Part on New Westlaw AU<\/a><\/p>\nArticles<\/h3>\n
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