LAW EXTENSION COMMITTEE INSOLVENCY PRELIMINARY LECTURE LAW EXTENSION COMMITTEE

recover funds for unsecured creditors; WELCOME TO THE COURSE The course deals with personal insolvency (bankruptcy) and corporate insolvency (covering both liquidation and non-liquidation arrangements). Insolvency law aims to: recover funds for unsecured creditors; protect the insolvent during the course of administration; and enquire into the circumstances of the insolvency. There are two night lectures run at the LEC offices (and via Google Hangout for country students only) – a preliminary lecture and an exam revision lecture There are two weekend schools run on Saturday and Sunday in New LSSR 100 between 4 - 8pm

OBJECTIVES FOR THIS COURSE Learning the law of insolvency Learning to apply insolvency law to problems similar to those in legal practice, and to be able to give clear and accurate written advice upon insolvency matters. This involves four aspects: Identification of issues Knowledge of the relevant law Application of the law to the facts Organisation and expression (i.e. plain English)

PRESCRIBED MATERIALS Murray, M. & Harris, J., Keay’s Insolvency: Personal and Corporate Law and Practice, 9th ed. Thomson Reuters Law Book Co., 2016 Selected Legislation from the Corporations Act 2001 and the Bankruptcy Act 1966 (this is available on the LEC Webcampus course notes) THIS IS A STATUTE DRIVEN SUBJECT Prescribed cases – those referred to in the slides The slides (WARNING: you cannot pass the course from the slides alone)

ADDITIONAL MATERIALS 2017 Corporations Legislation (Annotated), Thomson Reuters Nichols, P., Annotated Bankruptcy Act 1966, 6th edition, LexisNexis 2015 Symes, C. and Duns, J., Australian Insolvency Law, 3rd edition, LexisNexis, 2015 Symes,C.,Brown, D and Wellard,M., Australian Insolvency Law Cases and Materials, LexisNexis, 2016 Gooley, Zammit, Dicker & Russell, Corporations and Associations: Principles and Issues, 6th ed. LexisNexis, 2015

The following are available via the University Library Law Databases: ADDITIONAL MATERIALS The following are available via the University Library Law Databases: Australian Journal of Corporate Law (LexisNexis AU) Australian Law Journal (Westlaw AU) Insolvency Law Journal (Westlaw AU) Journal of Banking and Finance Law and Practice (Westlaw AU) Company and Securities Law Journal (Westlaw AU) McPherson’s Law of Company Liquidation (Westlaw AU) Crutchfield’s Voluntary Administration (Westlaw AU) Australian Commercial Law Tracker (CCH Online) Australian Insolvency Management Practice Newsletter (CCH Online) Law Society Journal - available via special student login (what is it?)

OTHER SOURCES The AFSA website The Treasury website The NISA website City firm online newsletters (be aware of hidden agendas) Dr Google (be aware of limitations) Newspapers – AFR, SMH, The Australian The posts on the Webcampus Forum

THE ASSIGNMENT Available on the Webcampus Only one question with a word limit of 2500 - make sure you answer all components Read the marking criteria It is a research assignment – you will have to look outside primary course materials You must pass the assignment to sit the exam The assignment counts for 20% of your total mark. If I write “see me” on your paper, you must contact me as you have come close to a fail

THE ASSIGNMENT The Minister for Revenue and Financial Services has recently released draft legislation to reform Australia’s insolvency laws. Many commentators say that the proposed reforms do not go far enough and that what Australia needs is the adoption of a regime similar to Chapter 11 of the United States Bankruptcy Code. What is Chapter 11 and how does it work in the USA? In your opinion would it work here? In your opinion would a Chapter 11-type solution be better or worse than the Minister’s recently proposed reforms? [Marking criteria are part of the downloaded assignment on the Webcampus]

THE ASSIGNMENT – STYLE AND EXPRESSION “If you can’t explain it simply, you don’t understand it well enough” – Albert Einstein In the Course Notes: Curse of Knowledge Breeds Ignorance George Orwell’s six rules Why the facts don’t change our minds How to write undergraduate essays How to write better essays Cite references for every proposition of law or fact Cite primary sources Giving reasons for your opinion

THE EXAM Discussion of the exam will be on the Sunday of Weekend School 2. Exam is closed book The necessary statutory materials will be attached to the paper (up to 40 pages) Caveat about the use of past exam papers You will have to answer 4 questions - each worth 20% There will be a 2 ½ hour exam revision session in Week 13 conducted at the LEC offices (and via Google Hangout for country students only)

EXAM ANSWERS Identification of issues “This question is about …….” Knowledge of the relevant law Application of the law to the facts Not always possible in an exam question What other facts do you need to know? Organisation and expression (i.e. plain English)

QUESTIONS? Ask as we go Post questions on the Webcampus Forum. And volunteer your own answers ! Make sure you are registered for the Webcampus forum Do you already have insolvency experience which you can share?

HOT CURRENT ISSUES IN INSOLVENCY Proposed insolvency reforms Promotion of innovation and entrepreneurship Restructuring outside formal insolvency Debt for equity swaps e.g. Slater & Gordon Better supervision of liquidators