Footnotes

Footnotes

Glossary [1]

[1]        Unless otherwise indicated, definitions are derived from Australian Securities and Investments Commission, Insolvency: A Glossary of Terms, December 2008.

[2]        P. Butt (ed.), Butterworths Concise Australian Legal Dictionary, Third Edition, LexisNexis Butterworths, Chatswood, 2004, p. 14.

[3]        P. Butt (ed.), Butterworths Concise Australian Legal Dictionary, Third Edition, LexisNexis Butterworths, Chatswood, 2004, p. 105.

[4]        P. Butt (ed.), Butterworths Concise Australian Legal Dictionary, Third Edition, LexisNexis Butterworths, Chatswood, 2004, p. 265.

[5]        P. Butt (ed.), Butterworths Concise Australian Legal Dictionary, Third Edition, LexisNexis Butterworths, Chatswood, 2004, p. 388.

[6]        P. Butt (ed.), Butterworths Concise Australian Legal Dictionary, Third Edition, LexisNexis Butterworths, Chatswood, 2004, p. 391.

[7]        P. Butt (ed.), Butterworths Concise Australian Legal Dictionary, Third Edition, LexisNexis Butterworths, Chatswood, 2004, p. 452.

Chapter 1 - Introduction

[1]        Insolvency Practitioners Association of Australia, Submission 36, p. ii.

[2]        Insolvency Practitioners Association of Australia, Submission 36, p. ii.

[3]        The Hon. Michael Kirby, 'Bankruptcy and insolvency: Change, policy and the vital role of integrity and probity', Insolvency Practitioners Association National Conference, Adelaide, 19 May 2010, p. 26.

[4]        Ian Bickerdyke, Ralph Lattimore and Allan Madge, Business Failure and Change An Australian Perspective, Productivity Commission, December 2000, pp. 76–77. http://www.pc.gov.au/research/staffresearch/bfacaap/bfacaap.pdf (accessed 24 June 2010).

[5]        Ian Bickerdyke, Ralph Lattimore and Allan Madge, Business Failure and Change An Australian Perspective, Productivity Commission, December 2000, pp. 86–87.

[6]        ASIC, Submission 69, p. 6.

[7]        ASIC, Submission 69, p. 36.

[8]        ASIC, 'Regulatory guides', http://www.asic.gov.au/asic/ASIC.NSF/byHeadline/Regulatory%20guides (accessed 20 June 2010).

[9]        IPAA, Code of Professional Practice for Insolvency Practitioners, 2008, p. 9.

[10]      The previous standard was APS 7, which was issued in March 1998 by the National Councils of the Institute of Chartered Accountants in Australia and the Australian Society of Certified Practising Accountants. APS 7 covers the application of the Fundamental Principles of Professional Conduct as contained in the Code of Professional Conduct.

[11]      'Insolvency practitioners and new independence requirements: New standard 300 released', http://sites.thomsonreuters.com.au/tainsight/2009/10/01/insolvency-practitioners-and-new-independence-requirements-revised-standard-apes-330-released/

[12]      Senator John Williams, 'Opinion piece', http://www.johnwilliams.com.au/index.php?option=com_content&view=article&id=144:opinion-piece&catid=26:media&Itemid=176

[13]      The Law Reform Commission, General Insolvency Inquiry, Report No. 45, 1988.

[14]      Section 435, Corporations Act 2001

[15]      The Working Party was established in 1993 by the then Commonwealth Attorney-General the Hon. Michael Lavarch MP.

[16]      Report of the Working Party, 'Review of the regulation of corporate insolvency practitioners', June 1997.

[17]      'Corporate Insolvency Laws: A stocktake', Parliamentary Joint Committee on Corporations and Financial Services, June 2004.
See Anthony Housego and Bernard Poole, Bills Digest No. 180, 2006–07, Parliamentary Library, 14 June 2007, http://www.aph.gov.au/library/pubs/bd/2006-07/07bd180.htm (accessed 24 June 2010).

[18]      IPAA, Submission 36, p. 2.

[19]      IPAA, Submission 36, p. 3.

[20]      Office of Fair Trading, The market for corporate insolvency practitioners: A market study, June 2010, p. 61, http://www.oft.gov.uk/shared_oft/reports/Insolvency/oft1245 (accessed 20 July 2010).

[21]      Office of Fair Trading, The market for corporate insolvency practitioners: A market study, June 2010, p. 7.

[22]      IPAA, Submission 36, p. 34.

[23]      ASIC, Submission 69, pp. 69–70.

[24]      Dr Colin Anderson, Submission 79, p. 1.

PART 1 - An overview of the corporate insolvency industry in Australia

[1]        Correspondence, Mr Justin Owen, Manager Government Relations, ASIC, 22 July 2010.

[2]        ASIC, Submission 69, p. 101.

[3]        ASIC, Submission 69, p. 103.

[4]        ASIC, http://www.asic.gov.au/asic/pdflib.nsf/LookupByFileName/REP_132.pdf/$file/REP_132.pdf (accessed 20 June 2010).

Chapter 3 - The role and duties of liquidators and administrators in the insolvency process in Australia

[1]        P. Redmond, Companies and Securities Law: Commentaries and Materials, Fifth Edition, Thomson Reuters, Pyrmont, 2009, p. 122.

[2]        All references to sections in this chapter refer to the Corporations Act 2001 (Cth).

[3]        The Treasury, Submission 18, pp 4–5.

[4]        Australian Securities and Investments Commission, Receivership: A Guide for Creditors, December 2008, p. 2.

[5]        The Treasury, Submission 18, p. 4.

[6]        Australian Securities and Investments Commission, Voluntary Administration: A Guide for Creditors, December 2008, p. 1.

[7]        P. Redmond, Companies and Securities Law: Commentaries and Materials, Fifth Edition, Thomson Reuters, Pyrmont, 2009, p. 123.

[8]        P. Redmond, Companies and Securities Law: Commentaries and Materials, Fifth Edition, Thomson Reuters, Pyrmont, 2009, pp 123–126; and Australian Securities and Investments Commission, Voluntary Administration: A Guide for Creditors, December 2008.

[9]        Australian Securities and Investments Commission, Voluntary Administration: A Guide for Creditors, December 2008, p. 2.

[10]      P. Redmond, Companies and Securities Law: Commentaries and Materials, Fifth Edition, Thomson Reuters, Pyrmont, 2009, pp 123–126; and Australian Securities and Investments Commission, Voluntary Administration: A Guide for Creditors, December 2008.

[11]      P. Redmond, Companies and Securities Law: Commentaries and Materials, Fifth Edition, Thomson Reuters, Pyrmont, 2009, pp 123–126; and Australian Securities and Investments Commission, Voluntary Administration: A Guide for Creditors, December 2008.

[12]      P. Redmond, Companies and Securities Law: Commentaries and Materials, Fifth Edition, Thomson Reuters, Pyrmont, 2009, pp 123–126; and Australian Securities and Investments Commission, Voluntary Administration: A Guide for Creditors, December 2008.

[13]      R. Baxt and J. Harris, Corporations Legislation 2009, Thomson Reuters, Pyrmont, 2009, pp 521–522.

[14]      R. Baxt and J. Harris, Corporations Legislation 2009, Thomson Reuters, Pyrmont, 2009, p. 522.

[15]      Australian Securities and Investments Commission, Voluntary Administration: A Guide for Creditors, December 2008.

[16]      P. Redmond, Companies and Securities Law: Commentaries and Materials, Fifth Edition, Thomson Reuters, Pyrmont, 2009, pp 123–126; and Australian Securities and Investments Commission, Voluntary Administration: A Guide for Creditors, December 2008.

[17]      P. Redmond, Companies and Securities Law: Commentaries and Materials, Fifth Edition, Thomson Reuters, Pyrmont, 2009, pp 126–127.

[18]      Australian Securities and Investments Commission, Receivership: A Guide for Creditors, December 2008, pp 1–5.

[19]      Australian Securities and Investments Commission, Receivership: A Guide for Creditors, December 2008.

[20]      Australian Securities and Investments Commission, Receivership: A Guide for Creditors, December 2008.

[21]      P. Redmond, Companies and Securities Law: Commentaries and Materials, Fifth Edition, Thomson Reuters, Pyrmont, 2009, p. 130.

[22]      P. Redmond, Companies and Securities Law: Commentaries and Materials, Fifth Edition, Thomson Reuters, Pyrmont, 2009, pp 127–130; The Treasury, Submission 18, p. 4; and Australian Securities and Investments Commission, Liquidation: A Guide for Creditors, December 2008.

[23]      P. Redmond, Companies and Securities Law: Commentaries and Materials, Fifth Edition, Thomson Reuters, Pyrmont, 2009, pp 127–130; and Australian Securities and Investments Commission, Liquidation: A Guide for Creditors, December 2008.

[24]      Sons of Gwalia Ltd v Margaretic (2007) 232 ALR 232.

[25]      Corporations Amendment (Sons of Gwalia) Bill 2010, Explanatory Memorandum, p. 6.

[26]      Australian Securities and Investments Commission, Liquidation: A Guide for Creditors, December 2008.

[27]      P. Redmond, Companies and Securities Law: Commentaries and Materials, Fifth Edition, Thomson Reuters, Pyrmont, 2009, pp 127–130; The Treasury, Submission 18, p. 4; and Australian Securities and Investments Commission, Liquidation: A Guide for Creditors, December 2008.

[28]      Australian Securities and Investments Commission, Liquidation: A Guide for Creditors, December 2008.

[29]      Australian Securities and Investments Commission, Liquidation: A Guide for Creditors, December 2008.

[30]      Australian Securities and Investments Commission, Voluntary Administration: A Guide for Employees, April 2010.

[31]      Australian Securities and Investments Commission, Receivership: A Guide for Employees, April 2010.

[32]      Australian Securities and Investments Commission, Liquidation: A Guide for Employees, January 2008.

[33]      M. Murray, Keay's Insolvency: Personal and Corporate Law and Practice, Sixth Edition, Lawbook Co., Pyrmont, 2008, pp 258–262­.

[34]      Mr Jeffrey Fitzpatrick, Dr Vivienne Brand and Dr Christopher Symes, Submission 6, p. 2.

[35]      Mr Jeffrey Fitzpatrick, Dr Vivienne Brand and Dr Christopher Symes, Submission 6, pp 3–4.

[36]      Mr Jeffrey Fitzpatrick, Dr Vivienne Brand and Dr Christopher Symes, Submission 6, p. 5.

[37]      Mr Jeffrey Fitzpatrick, Dr Vivienne Brand and Dr Christopher Symes, Submission 6, pp 5–10.

Chapter 4 - The role of the regulator, disciplinary body and industry representative: ASIC, the CALDB and the IPAA

[1]        Mr Tony D'Aloisio, Chair, ASIC, Committee Hansard, 12 March 2010, p. 2.

[2]        ASIC, Submission 69, pp 8-17.

[3]        ASIC, Submission 69, p. 19.

[4]        ASIC, Regulatory guide 217: Duty to prevent insolvent trading, July 2010, p. 6, http://www.asic.gov.au/ASIC/asic.nsf/byHeadline/10-164AD%20ASIC%20releases%20guidance%20on%20a%20director%E2%80%99s%20duty%20to%20prevent%20insolvent%20trading?opendocument (accessed 27 July 2010).

[5]        ASIC, Regulatory guide 217: Duty to prevent insolvent trading, July 2010, p. 9.

[6]        Mr Tony D'Aloisio, Committee Hansard, 12 March 2010, pp. 18–19.

[7]        Mr Donald Magarey, Chairman, CALDB, Committee Hansard, 13 April 2010, p. 2.

[8]        Mr Donald Magarey, Chairman, CALDB, Committee Hansard, 13 April 2010, p. 6.

[9]        CALDB Manual of Practice and Procedure: Conduct matters, pp 7-10. Available at http://www.caldb.gov.au/CALDB/CALDBWeb.nsf/byheadline/Procedures?opendocument

[10]      Mr Donald Magarey, Chairman, CALDB, Committee Hansard, 13 April 2010, p. 4

[11]      Mr Donald Magarey, Chairman, CALDB, Committee Hansard, 13 April 2010, p. 4

[12]      CALDB Manual of Practice and Procedure: Conduct matters, p. 18.

[13]      IPAA, Submission 36, pp 27-28.

[14]      IPAA, Submission 36, p. 28.

[15]      IPAA website, Regulating our Members, http://www.ipaa.com.au/default.asp?menuid=169 (accessed 17 June 2010).

[16]      IPAA, Submission 36, pp 15-16.

[17]      IPAA, Submission 36, p. 28.

PART II - The evidence that the regulation of the insolvency industry needs reform

[1]        Mr Stephen Epstein, Committee Hansard, 13 April 2010, p. 28.

[2]        ASIC explained in its submission that the material contained in this Appendix is provided confidentially 'because disclosure of the information set out in that appendix may prejudice our ongoing investigation in relation to a number of matters or breach ASIC’s legal obligations under s127 of the ASIC Act'. Submission 69, p. 7.

[3]        Mr Bernard Wood, Committee Hansard, 14 April 2010, p. 19.

[4]        Mr Bernard Wood, Committee Hansard, 14 April 2010, p. 20; See also, Mr Paul Gleeson, Submission 24, p. 1.

[5]        Mr Bernard Wood, Committee Hansard, 14 April 2010, p. 20.

[6]        The Hon. Joel Fitzgibbon, House of Representatives Hansard, 17 August 2005.

[7]        Mr Bernard Wood, Committee Hansard, 14 April 2010, p.21.

[8]        Mr Bernard Wood, Committee Hansard, 14 April 2010, p.21.

[9]        In evidence to the committee, Mr Doherty tabled a newspaper report by Ms Ferguson and Gary Hughes from The Weekend Australian of 13 September 2008, which exposed Mr Ariff's links to 'colourful underworld identity Domenic "Mick" Gatto'. 'One man's trash is another man's pressure', The Weekend Australian, 13 September 2008.

[10]      Carlovers and Berjaya Corporation Berhad, Submission 26, p. 1.

[11]      Carlovers and Berjaya Corporation Berhad, Submission 26, p. 1.

[12]      Carlovers and Berjaya Corporation Berhad, Submission 26, p. 2.

[13]      See Adele Ferguson, 'Party over, as Ariff told to pay $4.9m', Weekend Australian, 22 August 2009, p. 27.

[14]      Mr Stephen Epstein SC, Committee Hansard, 13 April 2010, p. 28.

[15]      Mr Ron Williams, Committee Hansard, 14 April 2010, p. 27.

[16]      Mr Ron Williams, Committee Hansard, 14 April 2010, p. 27.

[17]      Mr Ron Williams, Committee Hansard, 14 April 2010, p. 27.

[18]      Mr Ron Williams, Committee Hansard, 14 April 2010, p. 27.

[19]      Mr Edward Maher, Committee Hansard, 14 April 2010, p. 75.

[20]      Mr Edward Maher, Committee Hansard, 14 April 2010, p. 75.

[21]      Mr Edward Maher, Committee Hansard, 14 April 2010, p. 76.

[22]      Mr Edward Maher, Committee Hansard, 14 April 2010, p. 76.

[23]      ASIC, 'Liquidator (Stuart Ariff) banned for life', 18 August 2009.

[24]      Carlovers Carwash, Submission 26, pp. 2–3.

[25]      Mr Bernard Wood, Committee Hansard, 14 April 2010, p.21.

[26]      ASIC, 'Sydney liquidator's registration suspended', Media release, 2 December 2009, http://www.asic.gov.au/asic/asic.nsf/byheadline/09-240AD+Sydney+liquidator's+registration+suspended?openDocument (accessed 20 June 2010).

[27]      ASIC, 'Sydney liquidator's registration suspended', Media release, 2 December 2009.

[28]      Mr Geoffrey McDonald, Committee Hansard, 13 April 2010, p. 39.

[29]      Mr Geoffrey McDonald, Submission 33, p. 7; Mr Geoffrey McDonald, Committee Hansard, 13 April 2010, pgs 36 and 39.

[30]      Mr Geoffrey McDonald, Submission 33, p. 9.

[31]      Mr Geoffrey McDonald, Submission 33, p. 9.

[32]      ASIC, 'Ronald Dean-Wilcocks suspended as liquidator for 12 months', 21 November 2006, http://www.asic.gov.au/asic/asic.nsf/byheadline/06-405+Ronald+Dean-Wilcocks+suspended+as+liquidator+for+12+months?openDocument

[33]      ASIC, 'Ronald Dean-Wilcocks suspended as liquidator for 12 months', 21 November 2006.

[34]      ASIC, 'Ronald Dean-Wilcocks suspended as liquidator for 12 months', 21 November 2006.

[35]      IPAA Tabled Opening statement, Public hearing, 12 March 2010.

[36]      Ms Denise North, Committee Hansard, 23 June 2010, p. 9.

[37]      IPAA, Submission 36, p. ii.

[38]      Pitcher Partners, Submission 47, p. 2.

[39]      Mr Mark Korda, Submission 32, p. 3.

[40]      Mr Michael Mumford, Submission 8, p. 1.

[41]      Carlovers Carwash Limited, Submission 26, p. 4

[42]      Mr Ian Fong, Committee Hansard, 14 April 2010, p. 37.

[43]      Councillor Edward Maher, Committee Hansard, 14 April 2010, p. 76.

[44]      Mr Bill Doherty, Committee Hansard, 14 April 2010, p. 11.

[45]      Name withheld, Submission 80, p. 1.

[46]      Mr Tony D'Aloisio, Committee Hansard, 12 March 2010, p. 5.

[47]      Dr Vivienne Brand, Committee Hansard, 9 April 2010, p. 4.

[48]      Dr Vivienne Brand, Committee Hansard, 9 April 2010, p. 15.

[49]      Mr Stephen Epstein, Committee Hansard, 13 April 2010, p. 28.

[50]      Professor Scott Holmes, Committee Hansard, 14 April 2010, p. 49.

Chapter 6 - The evidence of regulatory failure and the need for a more proactive approach

[1]        Mr Jeffrey Knapp, Submission 86, p. 2.

[2]        Dr Vivienne Brand, Associate Professor Christopher Symes and Mr Jeffrey Fitzpatrick, Submission 6, p. 12.

[3]        See paragraph 5.42.

[4]        Dr Vivienne Brand, Committee Hansard, 9 April 2010, p. 4.

[5]        Dr Vivienne Brand, Committee Hansard, 9 April 2010, p. 4.

[6]        Dr Vivienne Brand, Committee Hansard, 9 April 2010, p. 12.

[7]        Mr Mark Robinson, Committee Hansard, 12 March 2010, p. 41.

[8]        Mr Michael Dwyer, Committee Hansard, 12 March 2010, p. 6.

[9]        Mr Stefan Dopking, Committee Hansard, 12 March 2010, p. 7.

[10]      Mr Tony D'Aloisio, Committee Hansard, 12 March 2010, p. 2.

[11]      Mr Steven Koci, Submission 85, pp. 2–3.

[12]      Mr Stephen McNamara, Committee Hansard, 9 April 2010, p. 36.

[13]      Mr Duncan Ross, Submission 41, p. 2.

[14]      Mr Duncan Ross, Submission 41, p. 3.

[15]      Mr Bill Doherty, Committee Hansard, 14 April 2010, p. 11.

[16]      Mr Greg Nash, Committee Hansard, 14 April 2010, p. 6.

[17]      Councillor Edward Maher, Committee Hansard, 14 April 2010, p. 77.

[18]      Mr Bill Doherty, Submission 9, p. 1.

[19]      Ms Denise North, Committee Hansard, 12 March 2010, p. 42.

[20]      Ms Denise North, Committee Hansard, 23 June 2010, p. 13.

[21]      See also Jeffrey Fitzpatrick, Christopher Symes and Vivienne Brand, Submission 6, p. 12.

[22]      Mr Bill Doherty, Committee Hansard, 14 April 2010, p. 14.

[23]      Mr Bill Doherty, Committee Hansard, 14 April 2010, p. 10.

[24]      Mr Ron Williams, Committee Hansard, 14 April 2010, p. 28.

[25]      Carlovers Limited, Submission 26, p. 2.

[26]      Mr Bill Doherty, Submission 9, p. 5.

[27]      Mr Ron Williams, Committee Hansard, 14 April 2010, p. 32.

[28]      Mr Ian Fong, Committee Hansard, 14 April 2010, pp. 45–46.

[29]      Mr Tony D'Aloisio, Committee Hansard, 12 March 2010, p. 15.

[30]      Mr Tony D'Aloisio, Committee Hansard, 12 March 2010, p. 3.

[31]      ASIC, Submission 69, p. 16.

[32]      Mr Ian Fong, Committee Hansard, 14 April 2010, p. 45.

[33]      Mr Nicholas Bishop, Submission 74, p. 5.

[34]      Mr Tony D'Aloisio, Committee Hansard, 12 March 2010, p. 16.

[35]      Mr Tony D'Aloisio, Committee Hansard, 12 March 2010, p. 3.

[36]      Mr Tony D'Aloisio, Committee Hansard, 12 March 2010, p. 12.

[37]      Mr Bill Doherty, Committee Hansard, 14 April 2010, p. 10.

[38]      ASIC operates a national 'Auditors and Liquidators Watchlist' ('Watchlist'). It is an intermediate measure for dealing with conduct, which in ASIC's opinion is culpable but not sufficiently serious to warrant taking the case to the CALDB. The Watchlist is periodically reviewed and entries removed after three years if no new matters of concern have been detected. Liquidators whose names are entered on the Watchlist are informed of that entry but it is not open for public inspection.

See Dr Brand et al, Submission 6, p. 12.

[39]      Albarran v Companies Board (2007) 231 CLR 378, 95 (Kirby J).

[40]      Mr Donald Magarey, Committee Hansard, 13 April 2010, p. 9.

[41]      Mr Donald Magarey, Committee Hansard, 14 April 2010, p. 15.

[42]      Mr Vanda Gould, Submission 4, p. 3.

[43]      Mr Vanda Gould, Committee Hansard, 13 April 2010, p. 19.

[44]      Mr Geoffrey McDonald, Committee Hansard, 13 April 2010, p. 43.

[45]      Mr Geoff Slater, Committee Hansard, 13 April 2010, p. 47.

[46]      Mr Vanda Gould, Committee Hansard, 13 April 2010, p. 20.

[47]      Associate Professor David Brown, Submission 40, p. 5.

[48]      Dr Brand et al., Submission 6, pp. 13–14.

[49]      Associate Professor Brown and Associate Professor Symes, Submission 40, p. 4.

[50]      Mr Donald Magarey, Committee Hansard, 13 April 2010, p. 10.

[51]      Mr Vanda Gould, Committee Hansard, 13 April 2010, p. 19.

[52]      Institute of Chartered Accountants of Australia, Submission 66, p. 5.

Chapter 7 - The system for registering insolvency practitioners

[1]        ASIC, Submission 69, p. 130.

[2]        Mr Stefan Dopking, Committee Hansard, 12 March 2010, p. 11.

[3]        Mr Tony D'Aloisio, Committee Hansard, 12 March 2010, p. 3.

[4]        IPAA, Submission 36, p. 22.

[5]        Mr Mark Robinson, Committee Hansard, 12 March 2010, p. 53.

[6]        Mr Geoff Slater, Committee Hansard, 13 April 2010, pp. 47–48.

[7]        Mr Geoff Slater, Committee Hansard, 13 April 2010, pp. 47–48.

[8]        Mr Geoff Slater, Committee Hansard, 13 April 2010, p. 49.

[9]        Mr Ian Fong, Committee Hansard, 14 April 2010, p. 44.

[10]      ASIC, Supplementary submission, p. 13.

[11]      Mr Geoff Slater, Committee Hansard, 13 April 2010, p. 48.

[12]      Mr Bill Doherty, Committee Hansard, 14 April 2010, p. 13.

[13]      Mr Tony D'Aloisio, Committee Hansard, 12 March 2010, p. 11.

[14]      ASIC, Supplementary submission, p. 12.

[15]      IPAA, Submission 36, p. 21.

[16]      IPAA, Submission 36, p. v–vi.

[17]      Mr Jeff Hanley, Committee Hansard, 13 April 2010, p. 58.

[18]      Institute of Chartered Accountants, Submission 66, p. 3.

[19]      Dr Vivienne Brand, Committee Hansard, 9 April 2010, p. 10.

[20]      Associate Professor David Brown, Committee Hansard, 9 April 2010, pp. 20–21.

[21]      Mr Mark Robinson, Committee Hansard, 12 March 2010, p. 39. See also IPAA, Submission 36, p. 21.

[22]      Mr Geoffrey Slater, Committee Hansard, 12 April 2010, pp. 51–52.

[23]      Anthony Housego and Bernard Poole, Bills Digest No. 180, 2006–07, Parliamentary Library, 14 June 2007, http://www.aph.gov.au/library/pubs/bd/2006-07/07bd180.htm (accessed 24 June 2010).

[24]      Australian Securities and Investments Commission, 'Insurance requirements for registered liquidators', Regulatory Guide 194, June 2008, p. 6.

[25]      Mr Tony D'Aloisio, Committee Hansard, 12 March 2010, p. 8.

[26]      Australian Securities and Investments Commission, 'Insurance requirements for registered liquidators', Regulatory Guide 194, June 2008, p. 9.

[27]      Mr Tony D'Aloisio, Committee Hansard, 12 March 2010, p. 4.

[28]      ASIC, Submission 69, p. 11.

[29]      Mr Geoff Slater, Committee Hansard, 13 April 2010, p. 50.

[30]      Mr Bill Doherty, Committee Hansard, 14 April 2010, p. 13.

[31]      Mr Jeff Hanley, Committee Hansard, 13 April 2010, p. 63.

[32]      Professor Scott Holmes, Submission 21, p. 25.

[33]      Name withheld, Submission 93, p. 1.

[34]      Mr Tony D'Aloisio, Committee Hansard, 12 March 2010, p. 8.

[35]      Australian Securities and Investments Commission, 'Insurance requirements for registered liquidators', Regulatory Guide 194, June 2008, p. 33.

[36]      Ms Denise North, Committee Hansard, 12 March 2010, p. 51.

[37]      Name withheld, Submission 93, p. 1.

[38]      ASIC, Supplementary submission 69a, pp. 9–10.

[39]      Mr Tony D'Aloisio, Committee Hansard, 12 March 2010, p. 12.

[40]      Mr Tony D'Aloisio, Committee Hansard, 12 March 2010, p. 12.

[41]      ASIC, Supplementary submission, p. 8.

[42]      ASIC, Supplementary submission, p. 8.

[43]      Mr Donald Magarey, Committee Hansard, 13 April 2010, p. 8.

[44]      IPAA, Submission 36, p. 17.

[45]      See 'Annual statement by a liquidator', http://www.asic.gov.au/asic/pdflib.nsf/LookupByFileName/908.pdf/$file/908.pdf (accessed 3 July 2010).

[46]      Mr Fitzpatrick, Dr Brand and Associate Professor Symes, Submission 6, p. 11.

[47]      Name withheld, Submission 80, p. 3.

[48]      ASIC, Supplementary submission, p. 4.

[49]      Mr Fitzpatrick, Dr Brand and Associate Professor Symes, Submission 6, p. 19.

[50]      Associate Professor Christopher Symes, Committee Hansard, 9 April 2010, p. 3.

[51]      Mr Mark Robinson, Committee Hansard, 12 March 2010, p. 43.

[52]      Associate Professor David Brown, Committee Hansard, 9 April 2010, p. 17.

[53]      Associate Professor David Brown, Committee Hansard, 9 April 2010, pp. 20–21.

[54]      Dr Colin Anderson and Dr David Brown, Submission 79, p. 6.

[55]      Professor Scott Holmes, Committee Hansard, 14 April 2010, p. 60.

[56]      Mr Bill Doherty, Committee Hansard, 14 April 2010, p. 13.

[57]      Mr Geoffrey McDonald, Committee Hansard, 13 April 2010, p. 42.

Chapter 8 - The remuneration of liquidators and administrators

[1]        Professor David Brown and Associate Professor Christopher Symes, Submission 40, p. 6.

[2]        ASIC, Submission 69, p. 58.

[3]        General Insolvency Inquiry, Australian Law Reform Commission, 1988, pp. 379–380. This inquiry was known as the Harmer Report.

[4]        Parliamentary Joint Committee on Corporations and Financial Services, 'Corporate Insolvency Laws: A stocktake', June 2004, p. 122.

[5]        Parliamentary Joint Committee on Corporations and Financial Services, 'Corporate Insolvency Laws: A stocktake', June 2004, p. xxii.

[6]        ASIC, 'Approving fees: A guide for creditors', Information sheet 85, 2008, p. 4.

[7]        See section 473(1) of the Corporations Act 2001; Korda; Stockford Ltd (2004) 52 ACSR 279. Associate Professor David Brown, Supplementary submission, p.2.

[8]        IPAA Code of Professional Practice, p. 99.

[9]        IPAA Code of Professional Practice, p. 67.

[10]      ASIC, Submission 69, p. 5.

[11]      IPAA Code of Professional Practice, p. 99.

[12]      Professor Scott Holmes, Submission 21, p. 18.

[13]      Associate Professor David Brown, Submission 40, p. 8.

[14]      Associate Professor David Brown, Submission 40, p. 6.

[15]      Mr Ian Fong, Committee Hansard, 14 April 2010, p. 43.

[16]      Mr Pierre Della-Putta, Submission 10, Supplementary, p. 3.

[17]      Mr Michael Kirby, 'Bankruptcy and Insolvency: Change, Policy and the vital role of integrity and probity', Address to the IPAA National Conference, 19 May 2010, pp. 25–26.

[18]      Mr Geoffrey McDonald, Committee Hansard, 13 April 2010, p. 35.

[19]      KordaMentha, Submission 32, p. 2.

[20]      McGrathNicol, Submission 30, p. 1.

[21]      McGrathNicol, Submission 30, p. 1.

[22]      Mr Geoffrey Slater, Committee Hansard, 13 April 2010, pp. 48–49.

[23]      Mr Geoffrey Slater, Committee Hansard, 13 April 2010, p. 50. For a legal perspective of this case, see: http://www.aar.com.au/pubs/insol/foinsolapr09.htm (accessed 22 May 2010).

[24]      Mr Ian Fong, Committee Hansard, 14 April 2010, p. 41.

[25]      Professor Scott Holmes, Submission 21, p. 6.

[26]      Mr Geoffrey Slater, Committee Hansard, 13 April 2010, p. 52.

[27]      Associate Professor David Brown, Committee Hansard, 9 April 2010, p. 23.

[28]      Associate Professor Christopher Symes, Committee Hansard, 9 April 2010, p. 25.

[29]      Ms Kate Spargo, Committee Hansard, 9 April 2010, p. 33.

[30]      Ms Kate Spargo, Committee Hansard, 9 April 2010, p. 33.

[31]      Mr Pierre Della-Putta, Submission 10, p. 3.

[32]      ASIC, Submission 69, p. 42.

[33]      IPAA Code of Professional Practice, p. 95.

[34]      Mr Stephen Epstein, Committee Hansard, 13 April 2010, p. 31.

[35]      Mr Stephen Epstein, Committee Hansard, 13 April 2010, p. 31.

[36]      Mr Stephen Epstein, Committee Hansard, 13 April 2010, p. 32. Submission 28, p. 3.

[37]      Mr Bill Doherty, Submission 9, p. 3.

[38]      Mr Geoffrey Slater, Committee Hansard, 13 April 2010, p. 54.

[39]      Mr Pierre Della–Putta, Submission 10, Supplementary, p. 3.

[40]      Mr Pierre Della-Putta, Submission 10, Supplementary, p. 3.

[41]      ASIC, 'Liquidation: A guide for creditors', Information Sheet 45, p. 7.

[42]      Law Council of Australia, Submission 68, p. 4.

[43]      Law Council of Australia, Submission 68, p. 5.

[44]      Law Council of Australia, Submission 68, p. 4.

[45]      IPAA, Submission 36, p. 22.

[46]      Mr Bill Doherty, Committee Hansard, 14 April 2010, p. 9.

[47]      Mr Ian Fong, Committee Hansard, 14 April 2010, p. 37.

[48]      Mr Andrew Garrett, Submission 13, p. 2.

[49]      Office of Fair Trading, 'The market for corporate insolvency practitioners: A market study', June 2010, pp. 21–22.

[50]      Office of Fair Trading, 'The market for corporate insolvency practitioners: A market study', June 2010, pp. 21–22.

[51]      ASIC, Submission 69, pp. 112–113.

[52]      ASIC, Submission 69, pp. 112–113.

[53]      ASIC, Submission 69, p. 113.

[54]      ASIC, 'Approving fees: A guide for creditors', Information Sheet No. 85, p. 4.

[55]      ASIC, 'Approving fees: A guide for creditors', Information Sheet No. 85, p. 4.

[56]      ASIC, Submission 69, p. 40.

[57]      Pitcher Partners, Submission 47, p. 2.

[58]      Monarch Gold Mining Company Limited

[59]      Pitcher Partners, Submission 47, p. 48 of Administrator's report.

[60]      Mr Greg Nash, Committee Hansard, 14 April 2010, p. 7.

[61]      ASIC, Submission 69, p. 79.

[62]      ASIC, Supplementary submission, pp. 16–17.

[63]      Mr Tony D'Aloisio, Committee Hansard, 12 March 2010, pp. 17–18.

[64]      Professor Colin Anderson, Submission 79, p. 3.

[65]      Mr Jeffrey Fitzpatrick, Committee Hansard, 9 April 2010, p. 14.

[66]      Mr Geoffrey Slater, Committee Hansard, 13 April 2010, pp. 50–51.

[67]      Associate Professor David Brown, Committee Hansard, 9 April 2010, p. 18. Submission 40, p. 4.

[68]      Dr Vivienne Brand, Committee Hansard, 9 April 2010, pp. 14–15.

[69]      Mr Jeffrey Fitzpatrick, Committee Hansard, 9 April 2010, p. 13.

PART III - Reforming Australia's corporate insolvency system

[1]        Dr Vivienne Brand, Committee Hansard, 9 April 2010, p. 14.

[2]        ASIC, External administrators: Schedule B statistics 1 July 2004–30 June 2007, June 2008
http://www.asic.gov.au/asic/pdflib.nsf/LookupByFileName/REP_132.pdf/$file/REP_132.pdf (accessed 20 June 2010).

[3]        Law Reform Commission, General Insolvency Inquiry, Report No. 45, 1988, p. 27.

[4]        Law Reform Commission, General Insolvency Inquiry, Report No. 45, 1988, p. 21.

[5]        Law Reform Commission, General Insolvency Inquiry, Report No. 45, 1988, p. 3.

[6]        Law Reform Commission, General Insolvency Inquiry, Report No. 45, 1988, p. 21.

[7]        'Corporate Insolvency Laws: A stocktake', Parliamentary Joint Committee on Corporations and Financial Services, June 2004, p. 5.

[8]        ASIC, http://www.asic.gov.au/asic/pdflib.nsf/LookupByFileName/REP_132.pdf/$file/REP_132.pdf (accessed 20 June 2010).

[9]        Mr Michael Dwyer, Committee Hansard, 23 June 2010, p. 33.

[10]      Mr Stefan Dopking, Committee Hansard, 23 June 2010, p. 37.

[11]      ASIC, Submission 69, pgs. 9 and 80. Mr Stefan Dopking, Committee Hansard, 23 June 2010, p. 37.

[12]      Mr Tony D'Aloisio, Committee Hansard, 12 March 2010, pp. 22–23.

[13]      Mr Tony D'Aloisio, Committee Hansard, 23 June 2010, p. 32.

[14]      Mr Geoffrey Slater, Committee Hansard, 13 April 2010, p. 50.

[15]      Mr Mark Robinson, Committee Hansard, 12 March 2010, p. 45.

[16]      IPAA, Submission 36, p. v. See also Mark Robinson, Committee Hansard, 12 March 2010, p. 45.

[17]      Dr Colin Anderson, Committee Hansard, 23 June 2010, p. 17.

[18]      Dr Colin Anderson, Committee Hansard, 23 June 2010, p. 16

[19]      Dr Colin Anderson, Submission 79, p. 2.

[20]      Associate Professor David Brown, Committee Hansard, 9 April 2010, p. 22.

[21]      Associate Professor David Brown, Committee Hansard, 9 April 2010, p. 22.

[22]      Dr Anderson, Committee Hansard, 23 June 2010, p. 19.

[23]      Associate Professor David Brown, Committee Hansard, 9 April 2010, p. 22.

[24]      Dr David Morrison, Committee Hansard, 23 June 2010, p. 17.

[25]      Mr Warren Day, Committee Hansard, 23 June 2010, p. 33.

[26]      Dr Anderson, Submission 79, p. 3.

[27]      Dr Colin Anderson, Committee Hansard, 23 June 2010, p. 16.

[28]      Dr Colin Anderson, Submission 79, p. 3.

[29]      Dr David Morrison, Committee Hansard, 23 June 2010, p. 17.

[30]      Mr Jeffrey Fitzpatrick, Committee Hansard, 9 April 2010, p. 15.

Chapter 10 - Options to improve the framework for regulating and remunerating the insolvency profession in Australia

[1]        Law Reform Commission, 'General insolvency inquiry', Report No. 45, 1988, p. 13.

[2]        Law Reform Commission, 'General insolvency inquiry', Report No. 45, 1988, p. 13.

[3]        'Corporate Insolvency Laws: A stocktake', Parliamentary Joint Committee on Corporations and Financial Services, June 2004, pp. 227–228.

[4]        Government response to the Parliamentary Joint Committee on Corporations and Financial Services, 'Corporate Insolvency Laws: A stocktake'
http://www.aph.gov.au/Senate/committee/corporations_ctte/completed_inquiries/2002-04/ail/gov_response/gov_response.pdf (accessed 10 July 2010).

[5]        Productivity Commission, 'Annual Review of Regulatory Burdens on Business', June 2010, http://www.pc.gov.au/__data/assets/pdf_file/0008/99224/07-chapter4.pdf (accessed 1 July 2010).

[6]        Productivity Commission, 'Annual Review of Regulatory Burdens on Business', June 2010, p. 145.

[7]        Productivity Commission, 'Annual Review of Regulatory Burdens on Business', June 2010, p. 149.

[8]        Productivity Commission, 'Annual Review of Regulatory Burdens on Business', June 2010, p. 150.

[9]        Associate Professor David Morrison, Committee Hansard, 23 June 2010, p. 17; See also Dr Anderson, Committee Hansard, 23 June 2010, pp. 20–21.

[10]      Associate Professor David Brown, Committee Hansard, 9 April 2010, p. 17.

[11]      Associate Professor David Brown, Committee Hansard, 9 April 2010, p. 21.

[12]      Ms Veronique Ingram, Committee Hansard, 13 April 2010, p. 59.

[13]      Ms Veronique Ingram, Committee Hansard, 13 April 2010, p. 59.

[14]      Mr Tony D'Aloisio, Committee Hansard, 23 June 2010, p. 30.

[15]      Mr Tony D'Aloisio, Committee Hansard, 23 June 2010, p. 32.

[16]      Mr Jeff Hanley, Committee Hansard, 13 April 2010, p. 62.

[17]      Mr Jeff Hanley, Committee Hansard, 13 April 2010, p. 63.

[18]      IPAA, Committee Hansard, 12 March 2010, p. 41.

[19]      IPAA, Submission 36, p. vi. See also Mark Robinson, Committee Hansard, 12 March 2010, p. 39.

[20]      The Institute of Chartered Accountants in Australia, Submission 66, p. 4.

[21]      Mr Lee White, Committee Hansard, 12 March 2010, p. 57.

[22]      Mr Geoffrey McDonald, Committee Hansard, 13 April 2010, p. 42.

[23]      ITSA, Submission 48, p. 3.

[24]      ITSA, Submission 48, p. 3.

[25]      ASIC, Supplementary submission, p. 19.

[26]      Mr Michael Dwyer, Committee Hansard, 23 June 2010, p. 35.

[27]      Mr Tony D'Aloisio, Committee Hansard, 23 June 2010, p. 35.

[28]      Dr Vivienne Brand, Committee Hansard, 9 April 2010, p. 12.

[29]      Dr Vivienne Brand, Committee Hansard, 9 April 2010, p. 4.

[30]      Mr Ian Fong, Committee Hansard, 14 April 2010, p. 41.

[31]      Mr Steven Kugel, Submission 3, p. 1.

[32]      Mr Vanda Gould, Committee Hansard, 13 April 2010, p. 20.

[33]      Institute of Chartered Accountants of Australia, Submission 66, p. 1.

[34]      Institute of Chartered Accountants of Australia, Submission 66, p. 1.

[35]      See Fitzpatrick, Symes and Brand, Submission 6, p. 11.

[36]      Dr Brand, Associate Professor Symes and Mr Fitzpatrick, Submission 6, p. 21.

[37]      Associate Professor Symes, Committee Hansard, 9 April 2010, p. 3.

[38]      Mr Jeffrey Fitzpatrick, Committee Hansard, 9 April 2010, p. 13.

[39]      Associate Professor David Brown, Committee Hansard, 9 April 2010, p. 18.

[40]      Associate Professor David Brown, Submission 40, p. 4.

[41]      Associate Professor David Brown, Committee Hansard, 9 April 2010, p. 17.

[42]      Associate Professor David Brown, Submission 40, p. 8.

[43]      Associate Professor David Brown, Committee Hansard, 9 April, p. 18.

[44]      Mr Stephen McNamara, Committee Hansard, 9 April 2010, p. 40.

[45]      Mr Greg Nash, Committee Hansard, 14 April 2010, p. 5.

[46]      ASIC, Supplementary submission, p. 22.

[47]      Mr Tony D'Aloisio, Committee Hansard, 23 June 2010, p. 41.

[48]      IPAA, Supplementary submission, pp. 3–4; See Mr Mark Robinson, Committee Hansard, 23 June 2010, p. 6.

[49]      Mr Donald Magarey, Committee Hansard, 13 April 2010, p. 7.

[50]      Mr Donald Magarey, Committee Hansard, 13 April 2010, p. 44.

[51]      Ms Kate Spargo, Committee Hansard, 9 April 2010, p. 35.

[52]      Baker & McKenzie, US Chapter 11 and Australian Voluntary Administration Compared, October 2008, p. 1.

[53]      Ian Bickerdyke, Ralph Lattimore and Allan Madge, Business failure and Change An Australian Perspective, Productivity Commission, December 2000, p. xxii. http://www.pc.gov.au/research/staffresearch/bfacaap/bfacaap.pdf (accessed 24 June 2010).

[54]      See Professor Scott Holmes, Committee Hansard, 14 April 2010, p. 52. The committee is certainly aware that in the case of the deregistered liquidator, Mr Stuart Ariff, this process was expedited to ensure his appointment (see chapter 5).

[55]      Mr Bill Doherty, Committee Hansard, 14 April 2010, p. 14.

[56]      Professor Scott Holmes, Submission 21, p. 16.

[57]      Professor Scott Holmes, Submission 21, p. 16.

[58]      Professor Scott Holmes, Committee Hansard, 14 April 2010, p. 51.

[59]      Mr Stephen Epstein, Submission 28, pp. 2–3.

[60]      Parliamentary Joint Committee on Corporations and Financial Services, 'Corporate Insolvency Laws: A stocktake', 2004, p. xxi.

[61]      Ian Bickerdyke, Ralph Lattimore and Allan Madge, Business failure and Change An Australian Perspective, Productivity Commission, December 2000, pp. 90–91. http://www.pc.gov.au/research/staffresearch/bfacaap/bfacaap.pdf (accessed 24 June 2010).

[62]      Mr Vanda Gould, Committee Hansard, 13 April 2010, p. 20.

[63]      Treasury, Actions against fraudulent phoenix activity, Proposals paper, November 2009, p. 14; http://www.treasury.gov.au/documents/1647/PDF/Phoenix_Proposal_Paper.pdf (accessed 27 July 2010).

[64]      Treasury, Actions against fraudulent phoenix activity, Proposals paper, November 2009, p. 14.

[65]      'Insolvency Law and Practice', Report of the Review Committee, 1982, pp. 207–208.

[66]      Name Withheld, Submission 93, p. 1.

[67]      Name withheld, Submission 80, p. 2.

[68]      Name withheld, Submission 80, p. 3.

[69]      Carlovers Carwash, Submission 26, p. 4.

[70]      Professor Scott Holmes, Submission 21, p. 18.

[71]      Professor Scott Holmes, Submission 21, p. 18.

[72]      Mr Mark Robinson, Committee Hansard, 23 June 2010, p. 7.

[73]      Mr Nicholas Bishop, Submission 74, p. 8.

[74]      Mr Nicholas Bishop, Submission 74, p. 8.

[75]      Mr Geoffrey Slater, Correspondence, Letter to Senator John Williams dated 21 May 2010, p. 3.

[76]      Professor Scott Holmes, Submission 21, p. 18.

[77]      Mr Jeffrey Knapp, Submission 86, p. 2.

[78]      Mr Ron Coomer, Submission 52, Supplementary, p. 4.

[79]      Mr Tony D'Aloisio, Committee Hansard, 12 March 2010, p. 3.

[80]      ASIC, Submission 69, p. 80.

[81]      See Associate Professor David Brown, Committee Hansard, 9 April 2010, pp. 20–21.

[82]      Mr Geoffrey Slater, Committee Hansard, 13 April 2010, pp. 51–52.

Chapter 11 - The committee's views and recommendations

[1]        Senate Economics Committee, Senate Estimates, 11 February 2010, p. 183.

[2]        Mr Tony D'Aloisio, Committee Hansard, 23 June 2010, p. 22.

[3]        ASIC, Annual Report 2008–09, p. 57.

[4]        ASIC, Annual Report 2008–09, pp. 04–05. One of the priorities related to improving responsiveness to complaints.

[5]        See David Morrison, Committee Hansard, 23 June 2010, p. 18.

[6]        See Mr Mark Robinson, Committee Hansard, 23 June 2010, p. 7; Ms Veronique Ingram, Committee Hansard, 13 April 2010, p. 60.

[7]        While ITSA inspects every practitioner, the selection of files is done randomly.

[8]        Office of Fair Trading, 'The market for corporate insolvency practitioners', June 2010, p. 7.

[9]        This is consistent with the criteria for an Ombudsman as endorsed by the Executive Committee of the Australian and New Zealand Ombudsman Association (ANZOA). See 'Essential criteria for describing a body as an Ombudsman', ANZOA Policy Statement, February 2010, http://www.anzoa.com.au/ANZOA%20Policy%20Statement_Ombudsman_Essential%20Criteria.pdf (accessed 9 July 2010).

[10]      Section 1282(2)(a)(ii), Corporations Act 2001

[11]      See Committee Hansard, 14 April 2010, pp. 43–44.

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