BILS blog
Presenters Jason Harris, Michael Veder, Gerard McCormack, David Proudman and Chair David Brown

Presenters Jason Harris, Michael Veder, Gerard McCormack, David Proudman and Chair David Brown

On Thursday 16th March at the National Wine Centre, ROCIT, in conjunction with support from the University of Adelaide’s EU Centre for Global Affairs, hosted a symposium on Business Rescue in Australia and the EU. The morning was devoted to presentations from Professor Gerard McCormack of Leeds University, and Professor Michael Veder of Radboud University, Nijmegen, both of whom have worked with the EU on business rescue and insolvency initiatives. Highlights included the impact of Brexit on rescue reform across the EU, especially given that the EU legislative proposal issued on 22 November 2016 seems to follow the UK Scheme of Arrangement, as well as aspects of the US Chapter 11 procedure; other issues common to Australia and the EU were the SME sector, growing use of schemes (Part 5.1) in larger cases; proposals to outlaw ipso facto clauses on corporate insolvency, and the interrelationship with directors’ duties in the ‘twilight zone’ of insolvency.

In the afternoon David Proudman of JWS asked and answered the question whether Australia’s ‘toolkit’ for corporate rescue, particularly the Voluntary Administration and Deed of Company Arrangement procedure, were fit for purpose in the global twenty-first century. In particular he gave fascinating insights into the Arrium steel rescue process and concluded that this illustrated the flexibility of the Australian regime. The afternoon concluded with Associate Professor Jason Harris of UTS discussing some findings from his PhD at University of Adelaide, in particular empirical research about the use of VAs relative to other procedures and the perceptions of insolvency practitioners, before concluding with discussion of recent Australian reform proposals by the Productivity Commission and Commonwealth Government, and implementation of the recent Insolvency Law Reform Act 2016.

Attendees commented on the high quality and topicality of the presentations and ensuing discussions, and the splendid Wine Centre venue.

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ASIC report 512

The Australian Securities and Investments Commission (‘ASIC’) hosted a Corporate Finance Liason meeting in Adelaide on 7 March 2017, along with similar meetings in Sydney, Melbourne, Brisbane and Perth, to discuss Report 512, encapsulating the last six months of regulation of public corporate finance activity in Australia. (more…)

Posted in Beth Nosworthy, Corporate Governance, Corporate Regulation, News | Tagged , , ,
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CLTA2017

Five members of the University of Adelaide Law School attended at the CLTA 2017 Conference from 5-7 February, held at Griffith University Gold Coast Campus, entitled “Agile Corporate Law: CSR, Innvoation and Environment”. (more…)

Posted in Beth Nosworthy, Chris Symes, Corporate Governance, Corporate Regulation, Events, News, Suzanne Le Mire
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ROCIT, in conjunction with the University’s EU Centre for Global Affairs, is hosting a one-day symposium at the National Wine Centre on Thursday 16th March 2017, preceding INSOL Sydney, bringing together local, interstate and international speakers to discuss and compare the current initiatives for reform of our rescue laws both here and in the EU. […]

Posted in Corporate Insolvency, Corporate Regulation, David Brown, Events | Tagged , , , ,
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On Wednesday 26 October 2016, the Adelaide Law School will host a CPD Seminar with a particular corporate focus.  The Seminar, titled “Take a Further 20% Off!” will focus on corporate law advice to retail industry clients in financial difficulty. Presented by: Professor Christopher Symes and Dr Beth Nosworthy

Posted in Beth Nosworthy, Chris Symes, Corporate Insolvency, Corporate Regulation, Events | Tagged , , , , ,
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In an article on Wednesday 14 September Anthony Klan, in the Australian, notes that businesses pay the government approximately $660m in filing fees to lodge material with the Australian Securities and Investments Commission (‘ASIC’) Registers, and the government charges $60m per year to the public for access to those records.  The ASIC Annual Report for […]

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The ROCIT research unit congratulates Professor Chris Symes on his recent promotion to full Professor. This is a prestigious achievement and Professorships are only given to those academics that have a history of dedication, hard work and commitment to teaching and research. Professor Symes’ main academic interest is insolvency law. In this area, he has […]

Posted in Chris Symes, Corporate Governance, Corporate Insolvency, Corporate Regulation, Personal Insolvency
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The following article was featured in the most recent edition of the Law Society of South Australia’s Bulletin which is the Law Society’s flagship journal: Adelaide Law School Research Unit Targets the Regulation of Corporations, Insolvency and Taxation The Law School at the University of Adelaide has recently established its ROCIT research unit, which brings […]

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The director penalty regime under Division 269 to Schedule 1 of the Taxation Administration Act 1953 (Cth) empowers the Commissioner to take action against an insolvent company’s directors to recover outstanding tax debts of a company. The director penalty regime was introduced as a substitute for the Commissioner’s tax priority in a corporate insolvency and […]

Posted in Sylvia Villios, Taxation
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Professor Christopher Symes, a director of ROCIT, has been appointed as an editor of the Australian Journal of Corporate Law (AJCL), effective immediately. Christopher will co-edit the Journal with a senior corporate law and M & A practitioner Tony Damian, a Sydney partner of Herbert Smith Freehills. Christopher is looking forward to working with Tony […]

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