Australia's most populous state hopes to tap sovereign wealth funds to help raise billions of dollars to update its overstretched roads and railways amid concerns about its debt, a senior official said, The Wall Street Journal reported. The comments from Nick Greiner, the newly appointed infrastructure chief for New South Wales on the east coast of Australia, show the growing heft of government-controlled investment funds in the world's fastest-growing regions.

An IP is appointed to all formal insolvency proceedings. Broadly speaking, there are three types of formal insolvency regimes in Australia: liquidation, voluntary administration and receivership. The roles of the IP are different in each case, as are the qualifications. In a liquidation, a liquidator is appointed to take control of the company’s property and apply it to discharge its debts as soon as practicable. In a provisional liquidation a court appoints a provisional liquidator to maintain the status quo.

Australia’s central bank must keep the power to set senior officials’ pay, averting an infringement of its ability to recruit and retain talent, said Donald McGauchie, who headed the bank’s compensation committee until last month. Treasurer Wayne Swan indicated this month the government may consider removing the Reserve Bank of Australia’s control of its top executives’ salaries, including Governor Glenn Stevens’s package worth A$1.05 million ($1.15 million). Stevens’s base pay in 2010 was more than what the heads of the European Central Bank and U.S.

THE INTERNATIONAL SCENE: Australian Secured Creditor and Insolvency Law (citation: Naomi Moore and Jeffery Black, Australian Secured Creditor and Insolvency Law, XXX ABI Journal 3, 54-55, 74, April 2011) - Naomi Moore and Jeffery Black

THE INTERNATIONAL SCENE: Chapter 15 Applies to Australian Liquidation (citation: Richard J. Corbi, Chapter 15 Applies to Australian Liquidation, XXX ABI Journal 2, 48-49, March 2011 - Richard J. Corbi

In this issue, we feature an interview with Mr Carlos Primo Braga, special representative and director of external affairs, Europe for The World Bank. The interview focuses on The World Bank’s work in assisting developing nations along with the lessons and insights which have arisen from the global financial crisis for the developed world. Read more:

Insolvency practitioners should take note of a recent NSW Supreme Court decision that adopted a broad approach to the legislation imposing liability on receivers and mortgagees in possession for rent or other amounts payable under a property contract. The same reasons would extend to voluntary administrators' liability. Partner Michael Quinlan (view CV) and Law Graduate Jack Power report. http://www.aar.com.au/pubs/insol/foinsoloct10.htm?email=true