1. LAW EXTENSION COMMITTEE
INSOLVENCY PRELIMINARY LECTURE
LAW EXTENSION COMMITTEE

2. 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

3. 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)

4. 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)

5. 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

6. 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?)

7. 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

8. THE ASSIGNMENT
Available on the Webcampus
Only one question with a word limit of 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

9. 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]

10. 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

11. 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)

12. 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)

13. 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?

14. 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