Ep. 49 - A review of insolvency law in Australia: Insights from Professor Jason Harris
Apr 17, 2024
auto_awesome
Professor Jason Harris discusses the review of insolvency law in Australia, emphasizing the need for fundamental reforms. Topics include director disqualifications, fraudulent practices, non-compliance issues, and potential reforms in insolvency laws. The conversation also explores the challenges faced by insolvency practitioners in Australia and the importance of a positive narrative surrounding their work.
Continuous improvement in Australian insolvency laws by learning from global practices.
Parliamentary Joint Committee's recommendations for reforming corporate and personal insolvency laws in Australia.
Deep dives
Understanding Australian Insolvency Laws and Comparative Research
Professor Jason Harris discusses his extensive research on Australian insolvency laws, focusing on comparative studies with international practices. He highlights the need for continuous improvement in Australian insolvency laws by learning from global jurisdictional challenges and innovative approaches to tackle insolvency issues.
Parliamentary Joint Committee Report on Insolvency Law Reforms
The podcast delves into the significant report from the Parliamentary Joint Committee regarding Australian Insolvency Law reforms. It reveals the dual-track system governing corporate and personal insolvency laws in Australia, emphasizing the committee's investigation into recent reforms' effectiveness and stakeholder roles.
Recommendations and Responses to the Report
The discussion revolves around the 28 recommendations made by the Parliamentary Joint Committee, categorizing suggestions for a general insolvency inquiry, immediate implementations, and further reforms. Insight is provided on the call for a broader review to address fundamental issues and long-standing challenges in the insolvency system.
Future Predictions and Needed Reforms in Australian Insolvency
Professor Harris anticipates potential reforms in Australia, focusing on areas like unfair preferences and reporting obligations for insolvency practitioners. Despite challenges in wholesale insolvency law reform, he emphasizes the importance of communicating the value of insolvency restructuring work to shift the negative narrative surrounding insolvency as mere failure.
In this episode, Beth Streten talks to Jason Harris, University of Sydney, about the report published by the Parliamentary Joint Committee in Australia, which provides an overview of the current insolvency procedures in Australia, and how they can be improved.
Interviewer: Elizabeth Streten, Queensland University of Technology, Australia Introduction and credits voiced by Lisa McNeil, INSOL International Edited and produced by Harriet Norman, INSOL International