3,942 research outputs found
A review of Deeds of Company Arrangement
No full textDeeds of company arrangement ('DOCAs') under Part 5.3A of the Corporations Act appear be something of a limited success. However, the use and outcomes of DOCAs raise legitimate questions as to whether the level of returns currently being achieved for creditors might be improved by legislative reform. The 2013 ARITA Terry Taylor Scholarship project entailed a review of a random sample of executed DOCAs effectuated between 1 August 2012 and 31 July 2013. This review was undertaken with the intention of producing a ‘snapshot’ of current trends and outcomes of the use of DOCAs in practice – ie, average (or typical) rates of dividends paid, what DOCAs customarily achieve, the profile of the companies executing DOCAs and the average duration of DOCAs. The purpose of this review was to empirically assess the use and effectiveness of DOCAs in order to inform the ongoing debate about the success or otherwise of Australia’s Part 5.3A voluntary administration regime (which recently marked its 20 year anniversary)
UK pre-pack reforms : pause for thought in Australia?
No full textOn 31 March 2011 the UK Government announced new measures to regulate the use of pre-packaged sales in administration. The legislation is not expected until later in 2011, but the announcement heralds a shift in regulatory attitudes towards pre-packs in the UK which should give all local pre-pack advocates pause for thought when considering the merits of embracing the procedure in Australia. \ud
In the Jan-March 2011 edition of the Australian Insolvency Journal, an interesting article by Nicholas Crouch and Shabnam Amirbeaggi extolled the virtues of pre-packs and called for “legislative reform to embrace pre-packs” in Australia. By way of reply (and in a spirit of constructive debate) this article respectfully contends that while pre-packs certainly have their place in preserving business value in certain circumstances, Australia should be careful not to sleepwalk into adopting a procedure which legitimises phoenixing at the expense of creditor confidence and participation in our insolvency regime
Bailing out the FEG : is the Fair Entitlements Guarantee (formerly GEERS) approaching its own fiscal cliff?
No full textThis article discusses what recent statistics and public reports reveal about the funding of GEERS (now the FEG) and its bottom line. The article examines (1) whether there has been a “blowout” in the scheme which guarantees the recovery of employee entitlements in liquidations and (2) what might be done to put the scheme on a firmer fiscal footing
Debts “incurred” by receivers, administrators and liquidators : the case for a harmonised construction of ss 419, 443A and 556(1)(a) of the Corporations Act
No full textThis article analyses the inconsistent approaches taken by courts when interpreting provisions of the Corporations Act which address debts or expenses “incurred” by receivers, administrators and liquidators. The article contends for a consistent construction of these provisions which will enable the legislation to operate (as was intended) for the benefit of persons who supply goods, services or labour to companies in external administration. The article explains how and why debts can be “incurred” by insolvency practitioners continuing on pre-existing contracts. Specifically, the article contends for a construction of ss 419 and 443A of the Corporations Act which renders receivers and administrators personally liable for certain entitlements of employees (eg, wages and superannuation contributions) which become due and payable by reason of the decision of a receiver or administrator to continue a pre-existing contract rather than terminate it
A sample review of Deeds of Company Arrangement under Part 5.3A of the Corporations Act
No full textAn empirical review of the operation of Part 5.3A of the Corporations Act 2001 (Cth) is timely given that Australia’s corporate rescue regime marked its 20 year anniversary in 2013. The research project culminating in this report was funded by the 2013 ARITA Terry Taylor Scholarship and entailed a review of a random sample of 72 executed DOCAs (and associated reports and returns) which were effectuated between 1 August 2012 and 31 July 2013. This sample review of DOCAs was undertaken with the intention of producing a ‘snapshot’ of current practices and trends pertaining to DOCAs – ie, average (or typical) rate of dividends paid, the outcomes or goals which DOCAs customarily achieve (eg, genuine company rescues, workouts, enhanced asset realisations or ‘quasi-liquidations’), the profile of the companies executing DOCAs and the average term/duration of DOCAs. The purpose and value of this sample review was to empirically assess the use and effectiveness of one important aspect of Part 5.3A and to further inform consideration and debate as to whether changes are warranted to Australia’s voluntary administration regime
Australian DOCAs versus UK pre-packs and CVAs : sifting through the ashes of comparative dividend returns
No full textThis article is something of a brief extension of recent research into deeds of company arrangement (DOCAs) under Pt 5.3A of the Corporations Act 2001 (Cth), conducted with the support of the Australian Restructuring Insolvency & Turnaround Association’s (ARITA’s) Terry Taylor Scholarship (TTS). This article presents some of the findings of that research (namely, the dividend outcomes delivered by sampled Australian DOCAs) in a manner consistent with reports which have recently emerged from similar research conducted in the UK. In so doing, a basic comparison can be made of the performance of Australian DOCAs against analogous UK procedures
Nonlinear influence of excess Mn on the magnetoelastic transition in (Mn,Cr)<sub>2</sub>Sb
No full textThe influence of excess Mn on the magnetoelastic ferromagnetic-to-antiferromagnetic transition Tt in the magnetocaloric compound (Mn,Cr)2Sb has been studied. With increasing excess Mn the magnetoelastic transition temperature for (Mn,Cr)2Sb initially increases and then decreases. This trend is accompanied by a strong reduction of the (Mn,Cr)Sb secondary phase. With increasing excess Mn a higher Cr content was found in the (Mn,Cr)Sb secondary phase in comparison to the matrix phase. This competition for Cr leads to a nonlinear dependence of Tt with increasing excess Mn at a fixed nominal Cr content. However, we observed that Tt depends linear on the c/a ratio for a wide range of temperatures from 170 to 350 K. A compositional diagram of the c/a ratio was constructed to assist the selection of (Mn,Cr)2Sb alloys with a desired transition temperature.RST/Fundamental Aspects of Materials and Energ
Global rules on conflict-of-laws matters in international insolvency law cases: An Australian perspective
No full textThe 2012 Report “Transnational Insolvency: Global Principles for Co-operation in International Insolvency Cases” – commissioned by The American Law Institute in conjunction with The International Insolvency Institute – annexed 23 “Global Rules on Conflict-of-Laws Matters in International Insolvency Cases”. These proposed “Global Rules” are intended to “serve as legislative recommendations” to (inter alia) promote uniformity and greater certainty in the unpredictable area of conflict of laws. This article provides a brief commentary upon the 23 proposed Global Rules from an Australian perspective (comparing the effect and intent of each rule with the current Australian conflict-of-laws position) and offers some conclusions as to the merits of the “Global Rules” initiative
A comparative analysis of Anglo-Australian pre-packs :\ud can the means be made to justify the ends?
No full textPre-packaged administrations have been prevalent in the UK for years. However, Australia's voluntary administration regime has been more restrictive of the practice. This article analyses the evolution of UK pre-packs, why they are not prevalent in Australia and the challenges for UK and Australian lawmakers in striking the right balance with pre-packs in their respective administration regimes. The article proposes a mechanism that might make ‘connected-party’ pre-pack business sales work more fairly for stakeholders — that is, by obligating a connected-party purchaser to make a future-income contribution in favour of the insolvent company whose business has been ‘rescued’ by a pre-packaged sale in administration
After-acquired income and contributions by Australian bankrupts: can pay, should pay, making them pay!
No full textThis article explores the issue of income of bankrupts from the historical, theoretical and legislative viewpoints. After setting out the foundation for our present law, the article reviews the current statistics on the use of the existing legislative income contribution regime and analyses the jurisprudence which has made the notion of after-acquired income - and the ability of bankrupts to invest it - opaque. The article then canvasses the ‘can pay, should pay’ notion of income contributions by bankrupts together with the current debate on ‘making them pay’
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