Authorised by Academic Registrar, April 1996
Objectives Students completing this subject should (1) have an appreciation of the competing schools of thought on the objectives of corporate insolvency law; (2) understand the underlying principles of corporate insolvency law; (3) understand the impact of insolvency generally on a corporation's rights and liabilities; and (4) have an advanced understanding of the legal principles and rules which govern corporate insolvency, together with an understanding of the practical implications of such rules.
Synopsis The objectives of corporate insolvency law and principles underlying corporate insolvency law; the concept of corporate insolvency; the procedures involved in a corporation being wound up; insolvent trading and director's duty to creditors; the assets available for distribution in a winding up, including trust assets, reservation of title; the treatment of claims and liabilities in a winding up, including the pari passu principle, set-off, proof and priorities in distribution; the avoidance provisions of the Corporations Law including dispositions after the commencement of winding up, preferences, uncommercial transactions, unfair loans, floating charges, executions and attachments; receivers and floating charges; alternatives to winding up, in particular company administration and deeds of company arrangement.
Assessment Class participation: 10% + Written research assignment (3000 words): 30% + Examination (2.5 hours): 60%