With the government last month announcing that the Parliamentary Joint Committee on Corporations and Financial Services would begin an inquiry into corporate insolvency in Australia, iNO sought the views of stakeholders and interested experts on the Inquiry’s Terms of Reference.
“At a higher level of policy, I think the inquiry is an opportunity to revisit some fundamental questions about if, why and how we expect company directors to be accountable for excessive risk-taking/leverage and the prevalence of egregiously deficient balance sheets which mean that unsecured creditors usually receive no dividends from liquidations. In short, I think the corporate rescue narrative, important though it is, has crowded out a much-needed…
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