How are pre-insolvency advisers regulated in Australia?

How are pre-insolvency advisers regulated in Australia?

Estimated reading time: 8 minutes

Pre-insolvency advice is an area that is relatively under-regulated in Australia. While there is a range of Codes of Ethics and professional standards that may apply, they will only apply where an individual is a member of that specific profession or association (e.g. ARITA, CPA Australia or ABRTC).  

Ilustration - what bodies oversee insolvency practice in Australia?

What bodies oversee company liquidators in Australia?

Estimated reading time: 5 minutes

As with any profession, it is crucial that there is some level of oversight of the actions of insolvency practitioners. This is the only way to ensure that they are living up to their professional and legal standards.

What are the duties of insolvency practitioners in Australia?

Estimated reading time: 8 minutes

Corporate insolvency practitioners are important gatekeepers in the economy. In Australia, there is a paradox that the system is designed to try to stop the insolvency practitioner from giving meaningful pre-insolvency advice to insolvent businesses. This is a pity because insolvency practitioners are well placed to give pre-insolvency advice.

Why are insolvency practitioners angry and rustrated

Insolvency practitioners in Australia are angry and frustrated. Why is that, and why is it important to know?

Estimated reading time: 12 minutes

Anyone who has worked with, and around, insolvency practitioners in Australia knows that they are a frustrated lot. Why is this? Here, we take a look into some recent empirical research which seeks to explain why insolvency practitioners feel this way. We then ask, is this a genuine problem? Or, is it because, like most industries, their industry is more heavily scrutinised and more competitive than in the recent past?

What Is an Unreasonable Director-Related Transaction?

What is an Unreasonable Director-Related Transaction?

Estimated reading time: 7 minutes

In this article we explain when a transaction might be voidable under that section, how these transactions differ from another type of voidable transaction, uncommercial transactions, and how liquidators pursue claims under this section.

What Is an Uncommercial Transaction?

What is an Uncommercial Transaction?

Estimated reading time: 6 minutes

Liquidators have a set of powers under the Corporations Act 2001 (Cth) (the Act) known as ‘voidable transactions’ (sometimes also known as ‘avoidance provisions’), which allow the liquidator to ‘claw back’ certain transactions in the case of an insolvent winding-up.

Ilustration to the article "What is Wage Theft?"

What is Wage Theft?

Estimated reading time: 5 minutes

Wage theft is the underpayment of employees. Wage theft can occur in a number of ways, for example underpaying wages, not granting entitlements or refusing to pay penalty rates, superannuation, overtime or commissions.

The image shows a scene from the court with the man examination by videoconference

Section 77C Bankruptcy Examinations Are Now Allowed Via Videoconference

Estimated reading time: 5 minutes

An important part of the personal bankruptcy process in Australia is the ability of those overseeing the process to ‘examine’ the individual undergoing bankruptcy or any other relevant person. This is the ability to question that person or those persons, under oath, about their financial affairs, fraud or involvement with the bankrupt. This power is contained within section 77C of the Bankruptcy Act 1966 (Cth) and is sometimes known as a ‘private examination’.