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Essay / Research Paper Abstract
This 22 page paper looks at insolvency in Australia and considers the 2010 amendment which increased the minimum threshold for a creditor petition. The change is examined in the context of insolvency law and the potential for a similar amendment to be applied to commercial insolvency legislation is assessed. The bibliography cites 16 sources.
Page Count:
22 pages (~225 words per page)
File: TS65_TEinsolv.doc
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Unformatted sample text from the term paper:
of Insolvency Law 6 3. The 2010 Amendments to Creditors Petitions in Individual Bankruptcy 10 3.1 The Amendments 10 3.2 The Position Prior to the Amendment 11 3.3 The Initial Amendment Proposal 13 3.4 Criticisms and Concerns 15 3.5 After the Amendment 19
4. Potential Application to Commercial Insolvency 20 References 24 1. Introduction According to the Cork Report, the concept of bankruptcy and
insolvency law is seen as necessary in supporting a credit economy. The rules, for individuals and companies, have the aim of protecting rights of both debtors and creditors, giving a
suitable balance between the ways in which the rights of both types of party are protected. This requires not only consideration of the rights and issues, but also changes in
the environment in order to ensure that the legislation remains up to date and relevant. To ensure that the legislation remains up to date the Australian government recently passed the
Bankruptcy Legislation Amendment Act 2010 (Cth) which updated the Bankruptcy Act 1966 (Cth) (Lexis, 2012). The amendment increases the minimum level of debt that needs to be outstanding before there
can be a creditors petition for bankruptcy and increases time allowed for the debt to be paid before the declaration of bankruptcy may be made. This may be
seen as a change that has helped to bring the law up to date which may be seen by looking at the change and the way it was viewed, as
well as the compromises that were necessary. However, while the matter has updated personal bankruptcy law it may e argued that the same consideration has not been given to companies
where invariably debts outstanding tend to be for a greater amount. One may be left wondering why there has been attention to the personal application of insolvency law and not
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