Companies with a tenuous grasp on solvency, in the Twilight Zone before the commencement of a formal insolvency process, need to be able to employ commercial strategies to try to trade their way back to solvency. Unfortunately, as was recently demonstrated by Dick Smith’s, some of the typical strategies employed by companies with tenuous solvency are problematic from the perspective of their creditor stakeholders. Even within the creditor stakeholders more generally, there are further perspectives to consider due to the priorities rules under s 556 of the Corporations Act. This session explores the recent Senate Inquiry into the collapse of listed retailers, the shifting obligations within directors’ duties in the Twilight Zone, the arguments for and against regulating for specific groups of creditors and legal implications of prominent retail strategies from an insolvency perspective.
Presented by: Professor Christopher Symes and Dr Beth Nosworthy
Professor Christopher Symes
Christopher is one of Australia’s senior insolvency and corporate law academics.
He is Co-director here at Adelaide Law School of Australia’s first University research unit in insolvency which has now expanded to incorporate corporate and tax law regulation known as ROCIT (Regulation of Corporate, Insolvency and Taxation). He is the author of eight books and numerous book chapters and articles for both an academic and practitioner readership.
His academic career has traversed both Business and Law schools over 24 years, teaching in a variety of corporate law, insolvency law and other commercial law courses.
Chris worked as both an accountant and a commercial lawyer and he holds numerous degrees. His doctorate, later the subject of a book with English publisher Ashgate, researched statutory priorities in corporate insolvency law.
Chris has served as National President of the Corporate Law Teachers Association, he is an academic member of the ARITA and he continues his involvement with the Law Council of Australia’s Insolvency and Reconstruction Committee. He was the editor of Insolvency Law Bulletin for many years and is currently editor of the Australian Journal of Corporate Law.
Dr Beth Nosworthy
Beth studied for undergraduate degrees in Science (Maths and Computer Science), Language and Law at the University of Adelaide, completing her Honours Dissertation for Law in 2003. After graduating, she worked as an Associate in the Supreme Court of South Australia and as a commercial lawyer with an Adelaide firm, before undertaking a Bachelor of Civil Law at the University of Oxford. Since her appointment in 2011, Beth has completed her PhD on directors’ duties within closely held companies, and now teaches into the compulsory Equity and Corporate Law subjects. Her primary research investigates the overlap between these two fields, but also includes Fiduciary Obligations, Corporate Structure, Corporate Governance and Business Ethics.
Date: Wednesday, 26 October 2016
Time: 5:30pm – 6:30pm
Venue: Adelaide Law School, Level 5, Ligertwood Building, The University of Adelaide
Bookings: Book online now
Drinks and nibbles will be provided.