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Australian Insolvency Law
Australian insolvency law regulates the position of companies which are in financial distress and are unable to pay or provide for all of their debts or other obligations, and matters ancillary to and arising from financial distress. The law in this area is principally governed by the Corporations Act 2001. Under Australian law, the term insolvency is usually used with reference to companies, and bankruptcy is used in relation to individuals. Insolvency law in Australia tries to seek an equitable balance between the competing interests of debtors, creditors and the wider community when debtors are unable to meet their financial obligations. The aim of the legislative provisions is to provide: * an orderly and fair procedure to handle the affairs of insolvent companies; * to ensure a ''pari passu'' equal distribution of the assets amongst creditors; * to ensure claims against the insolvent company are resolved with the minimum of delay and expense; * to rehabilitate financially dis ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] [Amazon] |
Corporations Act 2001
The ''Corporations Act 2001'' is an Act of the Parliament of Australia, which sets out the laws dealing with business entities in Australia. The company is the Act's primary focus, but other entities, such as partnerships and managed investment schemes, are also regulated. The Act is the foundational basis of Australian corporate law, with every Australian state having adopted the Act as required by the Australian Constitution. The Act is the principal legislation regulating companies in Australia. It regulates matters such as the formation and operation of companies (in conjunction with a constitution that may be adopted by a company), duties of officers, takeovers and fundraising. Background Constitutional basis Australian corporate law was the subject of a successful legal challenge in the High Court of Australia in ''New South Wales v Commonwealth'' (1990) ('The Corporations Act Case'). In that case, the Commonwealth was found to have insufficient power to leg ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] [Amazon] |