LAW5142

Insolvency 506 ( 6 points, SCA Band 3, 0.125 EFTSL)

Leader: Dr John Duns

Offered:
Not offered in 2005.

Synopsis: The legal consequences of an individual or company becoming insolvent. The objectives and features of insolvency law, the proceedings leading to bankruptcy and liquidation, the impact of bankruptcy and liquidation on contractual and property rights, property available to creditors including the antecedent transaction provisions of the Bankruptcy Act and Corporations Law, claims which can be made in bankruptcy and liquidation, the administrative machinery of insolvency and alternatives to bankruptcy and liquidation.

Objectives: Upon completion of this subject students should (i) have a basic understanding of the various views, including economic theories, concerning the rationale for and objectives of insolvency law; (ii) understand the meaning and significance of the legal concept of insolvency; (iii) have an understanding of the impact of insolvency generally on an individual's rights and liabilities, including the impact of insolvency on contractual and property rights and on obligations; (iv) understand the legal principles and rules governing bankruptcy and liquidation: including insolvency administration; voluntary and involuntary insolvency proceedings; the meaning and consequences of insolvency; the property available to creditors on bankruptcy/liquidation, including avoidance of antecedent transactions; the process of realising the insolvent estate for the benefit of creditors; criminal offences relating to bankruptcy; alternatives, formal and informal, to bankruptcy and liquidation; (v) be able to assess critically the effectiveness of the law in meeting its objectives; and (vi) appreciate the alternatives available to insolvent debtors to bankruptcy and liquidation.

Assessment: Written assignment (2500 words): 25% + Open-book examination (2.5 hours): 75%

Prerequisites: LAW1100 Legal Process, LAW2100 Contract, LAW3400 Property