Opening Remarks, Insolvency Law Reform Review, Restricting Creditor Voting Rights - Richard Fisher AM
General Counsel, Adjunct Professor, Faculty of Law
Office of General Counsel, University of Sydney
Opening Remarks from the Chair
Insolvency Law Reform Review
Richard Fisher AM will give an update on any new important developments you need to be aware of including the Anti-Phoenixing Bill and proposals in The Hayne Report.
Restricting Creditor Voting Rights
On 30 November the Government tabled the Insolvency Practice Rules (Corporations) Amendment (Restricted Related Creditor Voting Rights) Rules 2018 which restrict the rights of related parties to vote at creditors meetings using debt that they have purchased.
This is a simple change conceptually, but it does throw up a number of practical issues for insolvency practitioners, and so I will be asking Richard to use case studies to explain:
- Which forms of corporate insolvency administration are affected?
- The appointee’s obligation to inquire about assignment of debt
- What forms of assignment are caught? Will sub-participation arrangements or risk sharing structures be affected?
- What does “Related party” capture?
- Do the rules only apply to physical meetings?
- The extent of an appointee’s obligation to identify related party status.
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