1 / 9

INSOLVENCY SUMMER 2009/10

INSOLVENCY SUMMER 2009/10. INSOLVENCY SUMMER 2009/2010. Lecture 6 TERMINATION OF BANKRUPTCY Discharge s 149 automatic discharge after 3 years, unless: s 149B - bankruptcy extended when objection made s 149D - grounds of objection s 152 - duty to give assistance

cassia
Télécharger la présentation

INSOLVENCY SUMMER 2009/10

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. INSOLVENCY SUMMER 2009/10

  2. INSOLVENCY SUMMER 2009/2010 Lecture 6 TERMINATION OF BANKRUPTCY Discharge • s 149 automatic discharge after 3 years, unless: • s 149B - bankruptcy extended when objection made • s 149D - grounds of objection • s 152 - duty to give assistance • s 153 - effect of discharge

  3. INSOLVENCY SUMMER 2009/2010 TERMINATION OF BANKRUPTCY Annulment • s 153A - annulment on payment of debts (annulment by operation of law) • s 153B - sequestration order ought not to have been made (annulment by order of the court) • s 154 - effect of annulment • Abuse of process - Clyne v DCT154 CLR 589 • s 74 - creditors’ acceptance of bankrupt’s proposal under s 73

  4. INSOLVENCY SUMMER 2009/2010 PERSONAL INSOLVENCY AGREEMENTS Part X • S 188A - Debtor puts forward a proposed agreement • S 204 - Meeting of creditors decides whether to accept it • S 190 - Trustee administers the agreement • Dividend paid to creditors • S 230 - debtor is then discharged from all liability • 2007 reforms required greater disclosure • Now little used - about 1% of all personal insolvencies

  5. INSOLVENCY SUMMER 2009/2010 DEBT AGREEMENTS Part IX • Only available to debtors with limited assets and income with relatively small debts (< $100,000) - s 185C • Majority of creditors must accept the debtor’s proposal - s 185E • Proposal is recorded on National Personal Insolvency Index (NPII) - debtor then protected from creditors • Upon completion of agreement, debtor released from provable debts - s 185NA • Now about 20% of all personal insolvencies

  6. INSOLVENCY SUMMER 2009/2010 LAW REFORM Bankruptcy Legislation Amendment Bill 2009 The objects of this Bill are: (a)to provide a more streamlined process for fixing trustee remuneration and a more transparent process for reviewing that remuneration; (b) to strengthen the penalties for some offences and ensure these are in line with the penalties for other similar offences; (c) to remove the outdated concept of Bankruptcy Districts in order to provide more flexibility in personal insolvency administration; (d) to increase the minimum debt to $10,000 for a creditor’s petition to reflect changes in the economic environment; (e) to increase the stay period that follows a declaration of intent to file a debtor’s petition to allow debtors to better assess their options; and (f) to increase the debt, income and asset tests thresholds for debt agreements to ensure the thresholds keep pace with increasing wages and the increasing availability of credit.

  7. INSOLVENCY SUMMER 2009/2010 Bankruptcy Legislation Amendment Bill 2009 • Bill homepage • Explanatory memorandum to the Bill • IPA explanation of the Bill • PILCH submission on the Bill

  8. INSOLVENCY SUMMER 2009/2010 REVISION OF BANKRUPTCY TOPICS • Solvency • Vesting of property • Acts of bankruptcy • Bankruptcy notices • Creditor’s and Debtor’s Petitions • Key dates in a bankruptcy • Relation back • Exempt transactions • Transactions void against the trustee: • undervalued transactions • transactions to defeat creditors • preferences • Termination of bankruptcy • Personal insolvency agreements & debt agreements • Past exam papers

  9. INSOLVENCY SUMMER 2009/2010 Lecture 7: Corporate Insolvency Introduction to liquidation and administration Voluntary winding up Compulsory winding up including the use of statutory demands Winding up procedures Reading: Keays 241-307 Corporations Act Parts 5.4, 5.4B, 5.5

More Related