Rescue Remedies – Law.asia

Restructuring and insolvency laws are adapting with more innovative approaches toward bankruptcy case management. here we look at developments and analysis from three major jurisdictions Chinas bankruptcy law system moves toward maturity It took 12 years to bring Chinas Enterprise Bankruptcy Law into existence, with it finally being enacted on 1 June 2007. On 16…

Holistic vs piecemeal: the state of review of Australian corporate insolvency laws – Clayton Utz

It has been 33 years since the “recession we had to have” in 1991. Fears that Australia would enter a technical recession during 2023 didnt eventuate. At the time of writing, our economy continues to still be resilient (relying on massive population growth through migration) despite ongoing decreasing consumer sentiment but another year of slow…

How the new $20,000 personal bankruptcy threshold could affect SME directors – SmartCompany

The involuntary bankruptcy threshold will lift from $10,000 to $20,000, Attorney-General Mark Dreyfus says, giving debtors more breathing room before their creditors can launch court action. On Monday, Attorney-General Dreyfus said the federal government will introduce a suite of reforms to the bankruptcy system, bringing it up to speed with the contemporary economic landscape. In…

Law reform to lift stigma from bankruptcy, deliver fairer system – The Mandarin

Australia will see a raft of reforms to the national bankruptcy system introduced so that debtors involved in personal insolvency matters receive fairer outcomes. On Monday, Attorney-General (A-G) Mark Dreyfus said key changes would lift the stigma associated with filing for bankruptcy. The changes include increasing the timeframe in which a debtor may respond to…

Booktopia will not fill orders and may not issue refunds, say administrators – The Guardian

The administrators handling the collapse of Booktopia have announced that orders placed with Australias largest online bookseller will not be filled and there may be no refunds either. It means out of pocket customers who placed orders prior to the company entering voluntary administration have now become, in effect, unsecured creditors which voids store credits…

Melbourne pub fined for taking bets from boy, 16, with nearly $100,000 in gambling debts – The Guardian Australia

A 16-year-old Melbourne boy was able to gamble nearly $100,000, including at suburban pubs, despite his mother desperately seeking help, a court has heard. The Melbourne magistrates court heard that when his mother discovered his gambling habits, she began a frantic mission to get him help, only to be repeatedly turned away. In April last…