78122 Corporate Insolvency
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Subject handbook information prior to 2017 is available in the Archives.
Credit points: 6 cp
Result type: Grade and marks
Requisite(s): ( 78101c Postgraduate Legal Research OR ((22 credit points of completed study in spk(s): C07122 Graduate Diploma Legal Studies OR 22 credit points of completed study in C04147 Master of Legal Studies OR 22 credit points of completed study in C07074 Graduate Diploma Legal Studies OR 22 credit points of completed study in spk(s): C04264 Master of Legal Studies)) OR ((94 credit points of completed study in spk(s): C04236 Juris Doctor OR 142 credit points of completed study in spk(s): C04250 Juris Doctor Master of Business Administration) AND 70106c Principles of Public International Law AND 70107c Principles of Company Law) OR (70106 Principles of Public International Law AND 94 credit points of completed study in spk(s): C04320 Juris Doctor Graduate Certificate Professional Legal Practice))
The lower case 'c' after the subject code indicates that the subject is a corequisite. See definitions for details.
These requisites may not apply to students in certain courses.
There are course requisites for this subject. See access conditions.
Anti-requisite(s): 78121 Corporate Insolvency
Description
This subject aims to provide students with a detailed and practical understanding of the various insolvency and restructuring options that are available to companies in financial distress. The discussion of corporate insolvency laws is placed within the broader commercial and social context of business failure, including the impact of insolvency on secured and unsecured creditors, employees and tort victims. In particular, this subject discusses the range of formal and informal debt restructuring techniques that may be used to assist a company in financial distress. Where relevant, the subject materials provide a comparison between Australia's corporate insolvency and restructuring laws and corresponding laws in Europe, North America and Asia.
Subject learning objectives (SLOs)
Upon successful completion of this subject students should be able to:
| 1. | understand and apply corporate insolvency laws across a range of commercial situations involving all forms of business structures; |
|---|---|
| 2. | appreciate the commercial and legal issues that arise during times of financial difficulty; |
| 3. | identify and use electronic and paper-based information resources to locate relevant and up-todate legal materials to assist in resolving insolvency law problems; |
| 4. | identify and balance the competing interests of different stakeholders involved in an insolvent estate. |
Course intended learning outcomes (CILOs)
This subject also contributes specifically to the development of the following graduate attributes:
- Legal Knowledge
An advanced and integrated understanding of a complex body of legal knowledge including the Australian legal system, social justice, cultural and international contexts, the principles and values of ethical practice, and contemporary developments in law and its professional practice (1.0) - Critical Analysis and Evaluation
A capacity to think critically, strategically and creatively including an ability to identify and articulate complex legal issues, apply reasoning and research to generate appropriate theoretical and practical responses, and, demonstrate sophisticated cognitive and creative skills in approaching complex legal issues and generating appropriate responses (3.0) - Self Management
A high level of autonomy, accountability and professionalism, the ability to implement appropriate self-management and lifelong learning strategies including initiating self-directed work and learning, judgment and responsibility, self assessment of skills, personal wellbeing and appropriate use of feedback and, a capacity to adapt to and embrace change (6.0)
Content (topics)
1. Overview of corporate insolvency appointments
2. Informal workouts and restructuring
3. Liquidation
4. Voluntary administration
5. Deeds of company arrangement
6. Receivership
Assessment
Assessment task 1: Class participation
| Objective(s): | This task contributes specifically to the development of the following graduate attributes: 1.0 and 3.0 |
|---|---|
| Weight: | 20% |
| Length: | Equivalent to 1,000 words |
| Criteria: | Assessment Criteria:
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Assessment task 2: Problem question
| Objective(s): | This task contributes specifically to the development of the following graduate attributes: 1.0 and 3.0 |
|---|---|
| Weight: | 30% |
| Length: | 2,500 words |
| Criteria: | Assessment Criteria:
|
Assessment task 3: Research essay
| Objective(s): | This task contributes specifically to the development of the following graduate attributes: 1.0, 3.0 and 6.0 |
|---|---|
| Weight: | 50% |
| Length: | 3,500 words |
| Criteria: | Assessment Criteria:
|
Required texts
Murray and Harris, Keay's Insolvency (9th ed, 2016, Thomsonreuters)
and
Corporations Act 2001 (Cth) (all major legal publishers produce an annual edition, only the 2015 or 2016 editions are suitable)
Recommended texts
Books
Symes C and Duns J, Australian Insolvency Law (3nd ed, 2015, LexisNexis Butterworths)
Finch V, Insolvency Law (2nd ed, 2009, Cambridge Uni Press-UK law)?
Goode R, Principles of Corporate Insolvency Law (4th ed, 2011, Sweet and Maxwell-UK law)
Jackson T, The Logic and Limits of Bankruptcy Law (Harvard Uni Press, 1986-US law)
Journals
Australian Restructuring Insolvency and Turnaround Association Journal (previosuly Australian Insolvency Journal) (available on Australian Public Affairs Informit database)
?Company and Securities Law Journal (Westlaw AU)
?Insolvency Law Journal (Westlaw AU)
Insolvency Law Bulletin (LexisNexis Butterworths, LexisNexis AU)?
Journal of Banking and Finance Law and Practice (Westlaw AU)
Overseas Journals
American Bankruptcy Institute Law Review (HeinOnline-US law)
Business Lawyer (LexisNexis-US law)?
Company Lawyer (Westlaw-UK law)?
Insolvency Institute of Canada (Westlaw-Canadian law)
Insolvency Intelligence (Westlaw-UK law)
Government Reports
The Harmer Report, Australian Law Reform Commission, General Insolvency Inquiry, Report number 45, 1988, AGPS, Canberra
Specialist works
Anderson C and Morrison D, Crutchfield’s Voluntary Administration (Westlaw AU)
?Murray and Taylor, Australian Insolvency Management Practice (Looseleaf and online, CCH)?
Gronow M, McPherson’s Law of Company Liquidation (Westlaw AU)
O'Donovan J, Company Receivers and Administrators (Westlaw AU)
