NLS plays host to Australian insolvency profession adviser

The Centre for Business Law and Insolvency recently played host to Michael Murray, who is the Legal Director of ARITA (Australian Restructuring Insolvency and Turnaround Association) in Sydney.

The Centre for Business Law and Insolvency recently played host to Michael Murray, who is the Legal Director of ARITA (Australian Restructuring Insolvency and Turnaround Association) in Sydney.

ARITA is the professional body for insolvency practitioners in Australia, its mission being to support insolvency and recovery professionals to enable the restoration of the economic value of underperforming businesses. It does this through providing innovative training and education, promoting world-class ethical and professional standards, as well as partnering with government on matters of interest to the profession.

Michael has been the Legal Director since 2007, in which role he is responsible for providing legal input into the submissions and thinking of ARITA, monitoring legal and practice developments in insolvency, as well as advising the ARITA Board and members on current insolvency issues.

Australia is currently embarking on a major exercise in identifying what reforms may be usefully carried out to their insolvency law regime. Three major enquiries in recent months have led this process. The first, the 'Financial System Enquiry', led to the release in July 2014 of an Interim Report seeking submissions on a number of issues, including whether there is evidence that the external administration (rescue) regime in Australian law causes otherwise viable businesses to fail.

The second saw the release in November 2014 of a revised Insolvency Law Reform Bill 2014, whose stated goals include the removal of unnecessary costs and the increase of efficiency in insolvency procedures, as well as the boosting of confidence in the professionalism and competence of insolvency practitioners.

A further report out for consultation by the Australian Productivity Commission is titled 'Business Set-up, Transfer and Closure', its purpose being to review the barriers to business entries and exits in the Australian economy, including the potential impact of the insolvency regimes on business exits. Michael and ARITA have led the way in feeding into the profession’s contribution to the reform process.

In light of the reforms, Michael has been undertaking a fact-finding mission to the United Kingdom, whose insolvency law is closely related to that in Australia, and where he is consulting with senior judges, practitioners and academics. Before arriving in Nottingham at the Law School, Michael also visited the Universities of Oxford, Cambridge and Leeds. While at the Centre for Business and Insolvency Law, Michael met with members of the Centre, including Professors David Burdette, Rebecca Parry and Paul Omar, as well as Jenny Gant.

NLS plays host to Australian insolvency profession adviser

Published on 27 February 2015
  • Category: Nottingham Law School

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