Insolvency law

Rusty Donnell, Journal of Banking and Financial Services, August/September 2004

This article considers the merits of licensing of insolvency practitioners proposed by a recent discussion paper on insolvency law reform. In support of the proposed licensing regime, the author discusses the following issues that he considers cause problems with the current system:

• inadequate reporting to creditors;
  
  
• failure or refusal to hold meetings of creditors;
  
  
• failure to undertake independent reviews of directors’ actions, management of the company and voidable transactions; and
  
  
• ignorance of the pari passu rules.

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