Part X arrangements: the fate of a creditors' meeting following the rejection of a debtor's proposal

Article Abstract:

The Australian courts should adopt a more flexible approach to debtors' proposals under part X of the Bankruptcy Act 1966 than has been employed in extant case law. Debtors may want to convene subsequent creditors' meetings after proposals made at initial meetings have been rejected. The statute is silent on whether subsequent meetings are allowed, but some courts have mechanically set aside arrangements made at subsequent creditors' meetings. The better approach would be to only set aside agreements that result from abusive misuse of multiple creditors' meetings.

Bankruptcy reorganizations, Bankruptcy reorganization

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Debt agreements: the new alternative to bankruptcy

Article Abstract:

Part IX of the Australian Bankruptcy Act 1966 provides debtors of limited means with an alternative to straight bankruptcy. Insolvent debtors with debts, assets and income within certain thresholds can propose a "debt agreement" with creditors. The Official Trustee processes the proposal and presents it to the creditors. Debt agreements offer debtors at more cost-effective means of negotiating debts, but the procedures lack some of the protections available under straight bankruptcy.

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An analysis of unfair preferences under the new avoidance regime

Article Abstract:

Australia's Corporations Law has been revised in its treatment of preferences granted by debtor corporations. The changes have expanded the time period within which transactions are considered voidable. An expanded range of transactions can be attacked by liquidators. The revisions are more complex in that multiple sections of the law must be referenced to determine whether a transaction can be voided. Other changes will be clarified over time.

Liquidation, Fraudulent conveyances

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