Gold Coast financier Peter Drake. Photo: Louie Douvis Alleged union fraudsters such as Kathy Jackson and the heads of some of Australia’s largest collapsed financiers could be key beneficiaries of reforms to bankruptcy laws proposed by the Turnbull government. The federal government on Monday launched reforms to make it easier to bounce back from a business failure, including changing the…
In 2011, Bill Clinton put mortgage arrears resolution front and centre of our economic recovery. He claimed there would be no widespread economic recovery until this issue had been dealt with properly. He was right then and remains so. Economic recovery will not be real, sustainable or widespread until the scourge of mortgage arrears is…
Most experts support the broad direction of the draft Insolvency and Bankruptcy Code, which was recently released by the finance ministry. However, there is a fair degree of apprehension about the implementation. A common question is how this Code will coexist with the existing insolvency laws such as the Securitisation and Reconstruction of Financial Assets…
Those looking for the detail on insolvency changes announced in the Federal Governments long awaited innovation statement wont find it on the government website. But the Productivity Commissions report, Business set-up, Transfer and Closure, also released yesterday, acts as a companion piece to explain the Federal Governments intention to introduce significant changes to Australias insolvency…
by Karen O’Flynn The government’s new approach to insolvency is long on rhetoric about “risk-taking” and the need to remove the “stigma” of business failure. It is short on detailed consideration of exactly why we have legal rules for corporate and personal insolvency. Those rules aim to balance the interests of creditors against the need…
One of the of the nations top insolvency lawyers yesterday urged the Turnbull government to go further in its business law reforms that are aimed at encouraging entrepreneurs to have a go. Arnold Bloch Leibler partner Leon Zwier, backing central planks of the governments insolvency reforms in its innovation statement, said the new protections would…
Mining company Venture Minerals has applied to the Supreme Court to wind up the Tasmanian environmental group Tarkine National Coalition (TNC), on the grounds of insolvency. In the Supreme Court this morning, lawyer Shaun McElwaine said his client, Venture Minerals, had the consent of a liquidator and intended to advertise the matter in local…
The new insolvency trading provisions proposed as part of the governments innovation package this week are a win for investors, but also a win for small to medium enterprises. For the government, there is no question the reforms will have the desired effect of encouraging a cultural shift towards sensible risk-taking and a have a…
Bench offers limited and unidimensional explanations to petitioners queries The Supreme Court judgment upholding the new Haryana panchayat law, which limits the voters freedom to choose his own candidate in a participatory democracy, offers limited and unidimensional explanations to questions and issues raised by parties in court. The judgment by a Bench led by Justice…
KUALA LUMPUR: A total of 6,741 Sarawakians were declared bankrupt between 2010 and Oct 31 this year, the Dewan Negara was told yesterday. Minister in the Prime Minister’s Department Nancy Shukri said from the total, 2,371 of them are between the age of 35 and 44 years old. “1,983 cases or 29.42% involved those aged…