Zone of Insolvency

Zone of Insolvency

Tag Archives: Australia

Scott Atkins appointed President of INSOL International

Posted in Australia, Canada, Europe, Latin America, Singapore, UK

INSOL International is delighted to announce that Norton Rose Fulbright’s Scott Atkins has been appointed INSOL President, succeeding Julie Hertzberg.

An INSOL Fellow, having been part of the inaugural class in 2008, Scott has been heavily involved with INSOL for almost 15 years, and a Board member since 2014. Scott was a driving force behind INSOL’s Taskforce 2021 and its initiatives which included the establishment of a physical presence in the Asia Pacific region; the launch of an on-line qualification; and the development of a forum for legislators and regulators to consider restructuring and insolvency matters.

Read more on Scott Continue Reading

A DIP of the toe into US Chapter 11 waters for Australia

Posted in Australia

On 24 September 2020, the Australian Government announced the introduction of two new restructuring and insolvency processes for small businesses (having liabilities of less than AU$1 million). It is proposed that these measures will be introduced from 1 January 2021 with a view to reducing the cost, time and complexity burden imposed on small businesses by the existing insolvency processes. The Australian Government has described the changes as “the most significant changes to the Australian insolvency framework in almost 30 years.”

The changes represent the latest in a series of measures introduced in Australia this year in response to the … Continue Reading

The Corporations Amendment (Strengthening Protections for Employee Entitlements) Act 2019 commenced April 6, 2019

Posted in Australia

Australia has a taxpayer funded scheme which guarantees employee entitlements arising out of liquidation up to statutory caps. It is known as the Fair Entitlements Guarantee Scheme (FEG). The Australian Government has become concerned that questionable practices which rely on FEG to avoid employee entitlement obligations, such as illegal phoenixing, are on the rise and imposing significant costs on FEG and therefore, the Australian taxpayer. The Government has introduced legislative amendments to facilitate the effective recovery of entitlements from parties which take part in these questionable practices.… Continue Reading