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Australian Corporate Insolvency Laws - Assignment Example

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In the paper “Australian Corporate Insolvency Laws” the author analyzes Corporate Insolvency provisions, which are certainly one of the most important components of Australia’s Corporation’s act and are certainly one of the most important frameworks that govern the country’s corporate sector…
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Australian Corporate Insolvency Laws
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Download file to see previous pages They facilitate creditors of private companies to take steps towards replacing management in the case of troubled firms thereby helping to create the required prudence in corporate behavior. Corporate insolvency laws further allow for the examination into circumstances that give rise to insolvency and help evaluate the conduct of the management in a company in the event of a failure, thereby helping investigate for any culpable behavior. insolvency laws are further used to assess the role of people involved in the transfer of funds, assets or property that may be potentially recoverable. Given these considerations, insolvency laws play a central role in the functioning of capital markets, which underlines the prominence of these laws for Australia (Roman Tomasic, 2006, pg. 15).
Statutory insolvency laws in Australia are governed through two different streams of proceeding namely the Corporations Act and the Bankruptcy Laws. While the former applies to companies, the latter can be brought to use in the case of individuals. In many cases, the insolvency of a company can lead to implications on the bankruptcy act. For instance, cases such as negligence on the part of directors towards creditors, personal commitments provided to the company or in situations when a civil liability arises towards insolvent trading are all cases where the insolvency laws can be brought to use.
The insolvency laws have been the subject of review and analysis for a long time and this can be attributed to the broad range of issues that they deal with within the framework of corporate insolvency. In this context, each of the provisions under insolvency laws can be considered to provide a guideline to a particular aspect under insolvency procedures.
One of the primary areas that any evaluation into insolvency deals with is within the appointment, constitution. ...Download file to see next pagesRead More
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