After a 10-month inquiry process, on 12 July 2023 the Parliamentary Joint Committee on Corporations and Financial Services (PJC) delivered its final report on the effectiveness of Australia’s corporate insolvency laws.
In this alert, we distil some of the key findings from the almost 400-page report and consider what future law reforms might look like.
A COMPLEX AND INEFFICIENT SYSTEM
An article for Insolvency Practitioners and other insolvency specialists outlining the challenges and pitfalls of obtaining recognition of a Trustee in Bankruptcy to enable enforcement over assets in France in a post-Brexit and post-Covid cross-border insolvency landscape.
Introduction
强制性公积金（强积金）对冲安排将于 2025 年 5 月 1 日取消
届时，香港雇主将不能再以雇主供款所得的强积金利益抵销需向雇员支付的遣散费 和长期服务金。香港政府于 2023 年 7 月决定不实施 2018 年提出的“专项储蓄户 口计划”，该计划要求雇主设立专门的储蓄户口并缴纳 1%的供款，为取消该强积 金对冲安排做好准备。
行政成本过高
经估算，于专项储蓄户口计划运行初期，每年行政成本约 1.5 亿港元，30 年后将增至 6 亿港 元。成本高昂的原因是繁重的行政工作，包括：
(1) 规管及确保现时 30 多万名需为强积金强制供款的雇主成功开立储蓄户口；
(2) 每月收取供款；
(3) 核实及审批提款申请；及
(4) 处理未能预见的情况。
此外，预计该计划的程序将极其复杂，因 此无法避免外判服务机构处理该计划日常 运作的成本。
最后，雇主还需承担遵守该计划的相关行 政职责。
破产欠薪保障基金
Each week we are seeing stories in the news about construction companies becoming "insolvent", going into "liquidation" or having "administrators" appointed. But what do these terms mean? Insolvency is a complex area of law with its own terminology, so we've broken down what all the terms mean below.
What is insolvency and what happens to a company when it is insolvent?
Insolvency and Asset Recovery partner Tim Symes appeared on Sky News’ Business Live with Ian King as the latest government figures revealed that company and individual insolvencies in England and Wales remain close to an all time high.
After a sharp rise in May, it came as little surprise to see corporate insolvency figures continue their march upwards. A total of 2,163 registered companies entered an insolvency proceeding in June 2023: the second highest figure since January 2019 and 40% higher than the equivalent for June 2022.
On 19 July 2023, the Luxembourg parliament finally passed a new law to modernize insolvency law and preserve businesses, after more than a decade since the first draft bill (n° 6539) was presented.
Companies registered in Myanmar can be voluntarily wound up by its shareholders or creditors or compulsorily wound up by a court order. The voluntary winding up is more common and easier than the compulsory winding up. The key legislations governing the company liquidation are the Insolvency Law 2020 and the Insolvency Rules 2020.
Procedures
The Parliamentary Joint Committee on Corporations and Financial Services (the Committee) has delivered its report following an inquiry into the “effectiveness of Australia’s corporate insolvency laws in protecting and maximising value for the benefit of all interested parties and the economy”.
The construction industry trade press frequently writes about administrations in the industry. Whilst the Insolvency Service's figures show that around one construction company went into administration every other day in Q1 2023, significantly higher numbers went quietly into liquidation during the same period.