This course will examine the basic concepts and principles informing corporate insolvency regimes to identify and evaluate the incentives embedded in them and the goals sought to be achieved. Perspectives from other jurisdictions will be used, where relevant, to evaluate corporate insolvency processes and outcomes. Topics to be discussed include:
- Theories and goals of corporate insolvency
- Rescue versus liquidation
- Incentives to initiate corporate insolvency processes
- Director liability
- Insolvency professionals
Learning Outcomes
Upon successful completion, students will have the knowledge and skills to:
- Investigate and critically evaluate corporate insolvency theories and principles.
- Reflect critically on corporate insolvency processes.
- Explore and review developing issues and debates with respect to corporate insolvency and the management of corporate assets (for example cryptocurrencies).
- Critically analyse and assess complex information at a theoretical level to develop understanding of and problem solving skills with respect to corporate insolvency and communicate solutions to a variety of audiences.
- Plan and conduct legal research on practical and policy questions relating to corporate insolvency.
Required Resources
Textbook
- There is no prescribed textbook for this course (although see below about recommended texts). A full list of readings/E brick will be available on Wattle two weeks before the course commencement date.
Required legislation
- Students should bring a copy of the Corporations Act 2001 to all classes. Thomson Reuters and LexisNexis each publish an annotated version of the Act, which students might find helpful.
Recommended Resources
Recommended texts
- Michael Murray & Jason Harris, Keay's Insolvency: Personal & Corporate Law and Practice (Thomson Reuters Australia, 11th ed, 2022)
- David Brown, Christopher Symes & Sulette Lombard, Australian Insolvency Law (LexisNexis Australia, 5th ed, 2023)
For students who want to read more deeply, the coverage in Ford, Austin and Ramsay’s Principles of Corporations Law (available via Lexis Advance through the Law Library) is comprehensive.
Staff Feedback
Students will be given feedback in the following forms in this course:
- written comments
- verbal comments
- feedback to whole class, groups, individuals, etc
Student Feedback
ANU is committed to the demonstration of educational excellence and regularly seeks feedback from students. Students are encouraged to offer feedback directly to their Course Convener or through their College and Course representatives (if applicable). Feedback can also be provided to Course Conveners and teachers via the Student Experience of Learning & Teaching (SELT) feedback program. SELT surveys are confidential and also provide the Colleges and ANU Executive with opportunities to recognise excellent teaching, and opportunities for improvement.
Other Information
Task submission times refer to Canberra time (AEST/AEDT).
Extensions, late submission and penalties: https://law.anu.edu.au/current-students/policies-procedures/extensions-late-submission-and-penalties
Deferred examination: http://www.anu.edu.au/students/program-administration/assessments-exams/deferred-examinations
Word length and excess word penalties: https://law.anu.edu.au/current-students/policies-procedures/word-length-and-excess-word-penalties
Further information about the course: is available from the course Wattle page. Students are required to access the Wattle site regularly throughout the course for any announcements relating to the course.
Class Schedule
| Week/Session | Summary of Activities | Assessment |
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| 1 | Classes will be conducted in a seminar format, with a structured discussion of the week’s topic – led by the course convenor and (sometimes) a guest presenter. Students are expected to participate, indeed to engage, in that discussion. Participation forms part of the course assessment (see below). Participation requires that students have done the reading before the class.For several classes, two or more students (depending on the number of enrolments and the particular topic) will be nominated as “topic champions”. They will be allocated additional readings and will take particular responsibility for contributing to the discussion and, if they wish, give a brief presentation about the topic.Nominations will be made early in the course and, where possible, on the basis of students’ expressed preference(s).Because being a topic champion presents the opportunity to read more deeply into a particular topic, students are encouraged to express their preferences for topics they are interested in or that will be useful to them in current or anticipated areas of practice or study. | See assessment task 1 below |
| 2 | Introduction
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| 3 | The meaning of “insolvency” and liquidation
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| 4 | Distribution of property
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| 5 | Avoidance of antecedent transactions
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| 6 | Corporate groups and liability of officers
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| 7 | Voluntary administration (Corporations Act, Part 5.3A)
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| 8 | Restructuring
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| 9 | Receivers
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| 10 | Practical issues in insolvency | |
| 11 | Unallocated topicClass to choose one or more topics. Examples:
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| 12 | Review and overview |
Tutorial Registration
ANU utilises MyTimetable to enable students to view the timetable for their enrolled courses, browse, then self-allocate to small teaching activities / tutorials / seminars so they can better plan their time. Find out more on the Timetable webpage here.
Assessment Summary
| Assessment task | Value | Due Date | Return of assessment | Learning Outcomes |
|---|---|---|---|---|
| Class Participation | 10 % | * | * | 1,2,4 |
| Online Blog Post | 20 % | 22/09/2023 | 15/10/2023 | 1,2,3,4 |
| Peer Response to Blog Post | 10 % | 06/10/2023 | 15/10/2023 | 1,2,3,4 |
| Research Essay | 60 % | 14/11/2023 | 27/11/2023 | 1,2,3,4,5 |
* If the Due Date and Return of Assessment date are blank, see the Assessment Tab for specific Assessment Task details
Policies
ANU has educational policies, procedures and guidelines , which are designed to ensure that staff and students are aware of the University’s academic standards, and implement them. Students are expected to have read the Academic Integrity Rule before the commencement of their course. Other key policies and guidelines include:
- Academic Integrity Policy and Procedure
- Student Assessment (Coursework) Policy and Procedure
- Extenuating Circumstances Application
- Student Surveys and Evaluations
- Deferred Examinations
- Student Complaint Resolution Policy and Procedure
- Code of practice for teaching and learning
Assessment Requirements
The ANU is using Turnitin to enhance student citation and referencing techniques, and to assess assignment submissions as a component of the University's approach to managing Academic Integrity. For additional information regarding Turnitin please visit the Academic Skills website. In rare cases where online submission using Turnitin software is not technically possible; or where not using Turnitin software has been justified by the Course Convener and approved by the Associate Dean (Education) on the basis of the teaching model being employed; students shall submit assessment online via ‘Wattle’ outside of Turnitin, or failing that in hard copy, or through a combination of submission methods as approved by the Associate Dean (Education). The submission method is detailed below.
Moderation of Assessment
Marks that are allocated during Semester are to be considered provisional until formalised by the College examiners meeting at the end of each Semester. If appropriate, some moderation of marks might be applied prior to final results being released.
Participation
For all courses taught in any mode (whether face to face or online), the ANU College of Law considers participation in the classes offered to be an important part of the educational experience of the program. Students are expected to attend all classes.
If circumstances arise which are beyond a student’s control and they are unable to attend a class, the student should contact the Course Convenor in advance (where possible), so that the convenor can adjust their expectations in relation to numbers for that class. If it is not possible to give advance notice, students should send the convenor an email as soon as possible with evidence to support the reason for failure to attend.
Examination(s)
There is no final examination for this course.
Assessment Task 1
Learning Outcomes: 1,2,4
Class Participation
Details of Task: Students are to participate in class discussion in each live session.
Nature of Task: Compulsory. Failure to participate will result in a mark of zero for this assessment task.
Weighting: 10%
Assessment Criteria:
a) Understanding of the issues
- demonstrate familiarity with the issues, materials and topic
- ask questions, give answers or make contributions that are relevant and considered
- ability to make connections across materials and topics
b) Communication / presentation
- clear question, answer or argument
- clarity and conciseness
- use of appropriate terminology
c) Argument / analysis
- insight in dealing with theory/ideas
- addressing opposing arguments
- well-reasoned comments or conclusions
Assessment Task 2
Learning Outcomes: 1,2,3,4
Online Blog Post
Details of Task: This task requires you to reflect on one of the following questions: (i) What should corporate insolvency law's aims or purposes be? (ii) Are there any classes of creditor claims that do not presently have statutory priority in Australia but should? Why? (iii) Is it a fundamental principle of insolvency law that a debtor’s assets be distributed pari passu? Further guidance will be provided on Wattle.
Nature of Task: Compulsory and non-redeemable. Failure to submit this assessment will result in a mark of zero for this assessment task.
Weighting: 20%
Word Limit: 1500 words. The ANU College of Law's Word Length and Excess Word penalties policy can be found here.
Submission Requirements: Footnotes should be used for the referencing of all sources. All references should be compliant with the current edition of the Australian Guide to Legal Citation. Your submission must be made in a word processing file format (.doc, .docx). PDF files will not be accepted.
Due Date: 5pm, 22 September 2023. Due to the nature of the task, late submission or extension is not permitted.
Estimated Return Date: 15 October 2023
Assessment Criteria:
- Understanding of and reflection on the material taught in the course
- Ability to make connections across the materials
- Clarity and conciseness
- Expression
Assessment Task 3
Learning Outcomes: 1,2,3,4
Peer Response to Blog Post
Details of Task: This task requires you to comment on any one of your peers' blog posts (AT2 output). The comment must present an argument that is either different from or extends the argument in the original post, and must be based on research beyond what is used in the original post. Your submission must be made via Turnitin, with the additional option of posting to the forum for feedback.
Nature of Task: Compulsory and non-redeemable. Failure to submit this assessment will result in a mark of zero for this assessment task.
Weighting: 10%
Word Limit: 750 words. The ANU College of Law's Word Length and Excess Word penalties policy can be found here.
Submission Requirements: Footnotes should be used for the referencing of all sources. All references should be compliant with the current edition of the Australian Guide to Legal Citation. Your submission must be made in a word processing file format (.doc, .docx). PDF files will not be accepted.
Due Date: 5pm, 6 October 2023. Due to the nature of the task, late submission or extension is not permitted.
Estimated Return Date: 15 October 2023
Assessment Criteria:
- Understanding of and reflection on the material taught in the course
- Ability to critically evaluate a short research article
- Ability to make connections across the materials
- Clarity and conciseness
- Expression
Assessment Task 4
Learning Outcomes: 1,2,3,4,5
Research Essay
Details of Task: Students are to conduct independent research and write an essay on a topic of their own choosing (subject to approval; topic cannot be one of the questions posed in AT2)
Nature of Task: Compulsory and non-redeemable. Failure to submit this assessment will result in a mark of zero for this assessment task.
Weighting: 60%
Word Limit: 4,500 words. The ANU College of Law's Word Length and Excess Word penalties policy can be found here.
Submission Requirements: Footnotes should be used for the referencing of all sources. All references should be compliant with the current edition of the Australian Guide to Legal Citation. Your submission must be made in a word processing file format (.doc, .docx). PDF files will not be accepted.
Due Date: 5pm, 14 November 2023. Late submissions (without an extension) are permitted, but late penalties will apply.
Estimated Return Date: 27 November 2023
Assessment Criteria:
a) Understanding of the issues
- addresses the question and covers the salient, relevant and important points
- evidence of close consideration of the question and the research materials drawn on
- issues raised by the topic are clearly and concisely identified
- material chosen relates clearly to the topic and is analysed, not just summarised or quoted extensively
b) Communication and development of argument
- shows a clear theme or argument
- argument(s) logical and well-organised
- ideas/paragraphs linked coherently
c) Argument/analysis
- originality of ideas and critical analysis of the material
- complexity and insight in dealing with theory/ideas
- suggestions for change where appropriate
- interdisciplinary perspective where appropriate
- addressing opposing arguments
- well-reasoned conclusions
d) Research
- research covering primary and secondary materials
- good organisation of sources and ability to synthesise all the research materials used
- use of theoretical material where appropriate
- range of research sources
- integration of material from research resources into the essay
e) Presentation, style and referencing
- good use of structure, section headings and paragraphs
- clarity and conciseness of expression, interesting and engaging of reader
- use of appropriate terminology and correct grammar, syntax and spelling
- full and accurate footnotes together with a bibliography
- style according to Australian Guide to Legal Citation where appropriate
- adherence to word limit
Academic Integrity
Academic integrity is a core part of the ANU culture as a community of scholars. The University’s students are an integral part of that community. The academic integrity principle commits all students to engage in academic work in ways that are consistent with, and actively support, academic integrity, and to uphold this commitment by behaving honestly, responsibly and ethically, and with respect and fairness, in scholarly practice.
The University expects all staff and students to be familiar with the academic integrity principle, the Academic Integrity Rule 2021, the Policy: Student Academic Integrity and Procedure: Student Academic Integrity, and to uphold high standards of academic integrity to ensure the quality and value of our qualifications.
The Academic Integrity Rule 2021 is a legal document that the University uses to promote academic integrity, and manage breaches of the academic integrity principle. The Policy and Procedure support the Rule by outlining overarching principles, responsibilities and processes. The Academic Integrity Rule 2021 commences on 1 December 2021 and applies to courses commencing on or after that date, as well as to research conduct occurring on or after that date. Prior to this, the Academic Misconduct Rule 2015 applies.
The University commits to assisting all students to understand how to engage in academic work in ways that are consistent with, and actively support academic integrity. All coursework students must complete the online Academic Integrity Module (Epigeum), and Higher Degree Research (HDR) students are required to complete research integrity training. The Academic Integrity website provides information about services available to assist students with their assignments, examinations and other learning activities, as well as understanding and upholding academic integrity.
Online Submission
You will be required to electronically sign a declaration as part of the submission of your assignment. Please keep a copy of the assignment for your records. Unless an exemption has been approved by the Associate Dean (Education) submission must be through Turnitin.
Hardcopy Submission
For some forms of assessment (hand written assignments, art works, laboratory notes, etc.) hard copy submission is appropriate when approved by the Associate Dean (Education). Hard copy submissions must utilise the Assignment Cover Sheet. Please keep a copy of tasks completed for your records.
Late Submission
Individual assessment tasks may or may not allow for late submission. Policy regarding late submission is detailed below:
- Late submission not permitted. If submission of assessment tasks without an extension after the due date is not permitted, a mark of 0 will be awarded.
- Late submission permitted. Late submission of assessment tasks without an extension are penalised at the rate of 5% of the possible marks available per working day or part thereof. Late submission of assessment tasks is not accepted after 10 working days after the due date, or on or after the date specified in the course outline for the return of the assessment item.
- Late submission is not accepted for tests or examinations.
- Late submission with an extension. To ensure equity for all students, the 5% penalty per working day for late submission of work does not apply if you have been granted an extension. Where an extension is granted, the revised due date and submission time will be provided in writing. Importantly, any revised due date is inclusive of weekends and public holidays. Regardless of which day of the week the revised due date falls on, students who submit after that date will be penalised by 5% of the possible marks available for the task per 24-hour period.
Referencing Requirements
The Academic Skills website has information to assist you with your writing and assessments. The website includes information about Academic Integrity including referencing requirements for different disciplines. There is also information on Plagiarism and different ways to use source material.
Returning Assignments
All marks and feedback will be provided by the return date listed in the class summary.
Extensions and Penalties
Extensions and late submission of assessment pieces are covered by the Student Assessment (Coursework) Policy and Procedure. Extensions may be granted for assessment pieces that are not examinations or take-home examinations. If you need an extension, you must request an extension in writing on or before the due date. If you have documented and appropriate medical evidence that demonstrates you were not able to request an extension on or before the due date, you may be able to request it after the due date.
Privacy Notice
The ANU has made a number of third party, online, databases available for students to use. Use of each online database is conditional on student end users first agreeing to the database licensor’s terms of service and/or privacy policy. Students should read these carefully. In some cases student end users will be required to register an account with the database licensor and submit personal information, including their: first name; last name; ANU email address; and other information.In cases where student end users are asked to submit ‘content’ to a database, such as an assignment or short answers, the database licensor may only use the student’s ‘content’ in accordance with the terms of service – including any (copyright) licence the student grants to the database licensor. Any personal information or content a student submits may be stored by the licensor, potentially offshore, and will be used to process the database service in accordance with the licensors terms of service and/or privacy policy.
If any student chooses not to agree to the database licensor’s terms of service or privacy policy, the student will not be able to access and use the database. In these circumstances students should contact their lecturer to enquire about alternative arrangements that are available.
Distribution of grades policy
Academic Quality Assurance Committee monitors the performance of students, including attrition, further study and employment rates and grade distribution, and College reports on quality assurance processes for assessment activities, including alignment with national and international disciplinary and interdisciplinary standards, as well as qualification type learning outcomes.
Since first semester 1994, ANU uses a grading scale for all courses. This grading scale is used by all academic areas of the University.
Support for students
The University offers students support through several different services. You may contact the services listed below directly or seek advice from your Course Convener, Student Administrators, or your College and Course representatives (if applicable).
- ANU Health, safety & wellbeing for medical services, counselling, mental health and spiritual support
- ANU Access and inclusion for students with a disability or ongoing or chronic illness
- ANU Dean of Students for confidential, impartial advice and help to resolve problems between students and the academic or administrative areas of the University
- ANU Academic Skills and Learning Centre supports you make your own decisions about how you learn and manage your workload.
- ANU Counselling Centre promotes, supports and enhances mental health and wellbeing within the University student community.
- ANUSA supports and represents all ANU students
Convener
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Research InterestsCorporate insolvency, corporate reorganisation, equity and trusts |
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Carl Moller
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