LAWS5177 Insolvency Law

Credit
6 points
Offering
(see Timetable)
AvailabilityLocationMode
Not available in 2018UWA (Perth)Face to face
Content
This unit examines the way the law deals with individuals and companies are facing financial difficulty. The subject covers the options available under both the Bankruptcy Act and Corporations Act as well as looking at how cross-border insolvencies are recognised and fit within the Australian legal system. Issues covered include what happens and what ought to be done when an individual or company is approaching insolvency or has become insolvent. Students study the major forms of insolvency administration within the broader commercial and social context of business failure, including the impact of insolvency on secured and unsecured creditors, employees and other stakeholders. Students are given the opportunity to refine their skills in problem solving and to develop critical perspectives on insolvency law.

This unit examines (1) forms on insolvency administrations for individuals including bankruptcy; (2) the various forms of external administration of insolvent companies including liquidation ,voluntary administration receiverships and schemes of arrangements; (3) the impact of insolvency on, and the rights of, secured and unsecured creditors, employees and other stakeholders; (4) the powers and duties of the different types of insolvency administrators; and (5) cross-border insolvency issues and the role of recognition of overseas insolvency administrations.
Outcomes
Students are able to (1) identify the similarities, differences and relationship between the various forms of external administration of insolvent companies and individuals; (2) appreciate the commercial and legal issues that affect companies, and people who deal with them, during times of financial difficulty; (3) identify and balance the competing interests of different stakeholders involved in an insolvent estate; (4) demonstrate their understanding of personal and corporate insolvency laws by applying those laws to identify and solving problems across a range of commercial situations; and (5) evaluate and critically assess the effectiveness of existing law in balancing the competing interests of different stakeholders involved in an insolvent case.
Assessment
Typically this unit is assessed in the following ways: (1) class participation; (2) personal insolvency assignment; and (3) corporate insolvency assignment. If student numbers exceed a manageable level then an examination may replace the final assignment.. Further information is available in the unit outline.

Supplementary assessment is not available in this unit except in the case of a Juris Doctor Student who has obtained a mark of 45 to 49 and is currently enrolled in this unit, and it is the only remaining unit that the student must pass in order to complete their course.
Unit rules
Prerequisites:
for Juris Doctor students: LAWS4101 Legal Process, LAWS4102 Criminal Law, LAWS4103 Contract, LAWS4106 Torts, LAWS4108 Foundations of Public Law, LAWS5106 Legal Theory and Ethics, LAWS4104 Property, LAWS4107 Land Law
and
LAWS5104 Corporations Law; for all other postgraduate students: approval must be given by unit coordinator
Advisable prior study:
LAWS5103 Equity and Trusts, LAWS4104 Property, LAWS4103 Contract
Incompatibility:
LAWS3312 Corporate Insolvency
Recommended reading

Bankruptcy Act 1966 (Cth)

Corporations Act 2001 (latest ed.)

Harris, J., Gronow, M., and Anderson, H. Insolvency Law: Commentary and Materials: Lawbook Co. 2015

Murray, M. and Harris, J. Keay’s Insolvency: Personal and Corporate Law and Practice, 8th edn: Thomson Reuters 2013 (or latest ed.)

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