Australian Bankruptcy Law History

Many companies in the United States are struggling to survive. These companies are experiencing significant decreases in revenue, reduced assets, and increases in liabilities. Companies that already filed, or are at-risk for filing bankruptcy are struggling with keeping up with their competitors, causing the companies to lose their value. When a company files for bankruptcy, the company no longer gets to make the business decisions. The bankruptcy courts begin to make the decisions for the companies in efforts to restore the businesses. If the company is unable to revive itself from bankruptcy status, the company goes out of business. If this occurs, the company must sell everything it owns in order to compensate its shareholders and repay

Awhile back many of our bankruptcy laws we have today were not in place a while back. If a person went bankrupt they would be on their own and would not be able to get help from the government or learn how to manage their money. Today we have many new laws to help people in these situations. In 2005 is when the laws were last updated. Many of these laws state that if a person does not have enough money or is running out of money they are required to go to court and file for bankruptcy. Once filed for bankruptcy people can get some money from the government or they get a person that helps them manage their money and make plans on how to save their money. Today we have many laws in place to help people in these situations.

Relevant Law – Duties to prevent insolvent trading, Section 588G of Corporation Act, 2001, Insolvent trading prohibition and Section 180 duty of care, skill and diligence.

The appellant, Parkview Queensland Pty Ltd (“Parkview”), is a building contractor who commenced construction of a residential property development under a standard form building contract with Fortia funds Management Ltd (“Fortia”), the developer. Fortia financed the construction under a loan facility with the Bank of Western Australia Ltd (“BankWest”).

Sydney, I completely agree with you. His rights were violated to an extent. In our book it states that our rights end when others begin. When he was just holding up he sign and not yelling profanities his rights were protected by the first amendment. The second he started yelling profanities and causing a scene, is when his rights ended. I also agree that that officers did not detain him too roughly. They did what they had to do. The man was resisting arrest; furthermore, when a person does this, then the police have the right to arrest the person. I also agree that the sign was not he cause of his treatment. He was resisting arrest. The man had wrapped his leg around one of the officers. The treatment that he had received was mainly because

The report that we have been studying and learning about is the magistrates court and how there system works so that people pay the price for what they have done. Meaning different consequences given for how bad the situation is.

The Australian Constitution creates a highly contemporary federal structure, which means that intergovernmental relations are very important for the system to operate effectively in which Section 51(xx) of the constitution provides shared powers to state and federal government. The Commonwealth and states sought to achieve uniform corporate regulation from the 1960s, resulting in the corporations law.

The Pawnbrokers Act was just one of several Acts regulating provisions of credit. And as majority saw it the presence of such other statutes reveals no reason to read the Pawnbrokers Act as designed to cover a field wider than its own words mark out.

Although a fundamental lack of money is the essence of most types of bankruptcies, there are some common causes as well. For instance, Krulick (2016) reports that, “Chapter 11 is used primarily by larger companies that want to continue doing business throughout the bankruptcy process and after it is completed” (p. 3). In addition, even some solvent firms may elect to seek the shelter of a chapter 11 proceeding to allow them sufficient time to reorganize (Krulick, 2016). Some of the common causes of consumer bankruptcies include the following:

There is some scope for regulations to target the representations concerning credit repair, due to the strict limitations on removing credit

When reviewing the American Bankruptcy Institutes website I was researching the total number of bankruptcies in 2012, the total number of non-bankruptcies in 2012, and the total number of business bankruptcies in 2012. My findings concluded that the total number of bankruptcies in 2012 which consists of business and non-business fillings which includes the states and D.C. was 1,232,294 (ABI, 2013). The total number of non-business filings in the states and D.C. in 2012 was 1,232,294. The report shows that there were 811,789 non-business Chapter 7 filings and 352,553 non business Chapter 13 filings in 2012 (ABI, 2013).

In order to analyses the statement that “our current insolvency laws put too much focus on penalizing and stigmatizing the failures,” the purpose of insolvency laws and the situation of the laws should be acknowledged first.

policy regarding usury, it became more acceptable to be a financier and attempts were made to

The breakthrough decision on the distinction of charges over book debts became the Siebe Gorman case where Slade J held that the restrictions placed on the company’s power to deal with the proceeds of the debts gave the bank a degree of control which was inconsistent with a floating charge and therefore the debenture given to Barclays was a fixed charge. The case caused a significant effect to commercial practice as it

Murphy, Damien (1998) "Holding Company Liability for Debts of its Subsidiaries: Corporate Governance Implications," Bond Law Review: Vol. 10: Iss. 2, Article 6. Available at: http://epublications.bond.edu.au/blr/vol10/iss2/6