The seventh edition of Keay’s Insolvency: Personal and Corporate Law and Practice is timely. Australia and the rest of the world are starting to emerge from the Global Financial Crisis, which, apart from its economic and financial consequences, has been and remains a significant testing time for insolvency law and practice. Since the last edition, too, there have been numerous case law developments, as litigants and the courts have reacted to the issues brought on by the crisis, and policy responses to perceived deficiencies or areas for improvement in the insolvency regime.

Corporate insolvency changes integrated in the text include shareholder rights arising from the Sons of Gwalia decision of the High Court, and tax liabilities for directors. Director liabilities in insolvency remain a major issue and are carefully addressed. Other changes are anticipated and are foreshadowed by the authors, including the personal property securities legislation which commenced in May 2011.

This edition also addresses the 2010 changes in bankruptcy legislation: the raising of the commencement threshold from $2000 to $5000; the remuneration regime for trustees; and many regulatory and process reforms, including those concerning online advertising. Laws related to insolvency, including cross-border insolvency, tax, family law, and general corporate, contract and property law, are addressed throughout.

A new final chapter in the text critically surveys where Australia’s insolvency regime stands in terms of its efficiency and effectiveness, and its anticipated future, including within an international context. The significant structural recommendations made by the September 2010 Senate Report on corporate insolvency are addressed.

While the text’s content and structure have been retained, the authors have reacted to trends occurring in corporate insolvency and placed more emphasis on corporate restructuring law and practice, including outside the context of formal insolvency. The practice component of the text is emphasised, with reference throughout to ASIC and ITSA guides and forms, professional standards, and to court procedures.

Michael Murray is now joined by Jason Harris, of the University of Technology, Sydney, who has taught and written extensively in the area. Michael and Jason are both members of the Insolvency and Restructuring Committee of the Business Law Section of the Law Council of Australia. Jason is the Insolvency International Scholar for the Asia Pacific Rim for 2010-2011. Each bring their respective knowledge, experience and thoughts to this important area of law.

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From: (2011) 19 Insolv LJ 218
Reviewed by: Matthew Broderick Gadens Lawyers, Brisbane

The seventh edition of Keay’s Insolvency: Personal & Corporate Law & Practice updates what has been a significant contribution to the literary stocks of insolvency law over many years, since the first edition was published in 1993.

Michael Murray has now been joined by Jason Harris of the University of Technology of Sydney as a co-author, culminating in a combined wealth of knowledge and experience.

The edition adopts the structure and style of the previous edition, with a new final chapter which provides an interesting appraisal of Australia’s bifurcated insolvency regimes of personal and corporate insolvency, and its future.

The voluntary administration chapter includes a new appendix that concisely summarises the restructuring laws in the United States (Chapter 11 Bankruptcy) and in the United Kingdom (Administration and Company Voluntary Arrangements).

Like the previous edition, the text is divided into five parts, focusing on an introduction to insolvency (and theory), personal insolvency, personal insolvency arrangements, corporate insolvency (liquidation) and non-liquidation arrangements in corporate insolvency such as receivership, voluntary administration and deeds of company arrangement.

The law is as stated at November 2010, and is up to date. For example, the authors have addressed the 2010 Senate Report – The Regulation, Registration and Remuneration of Insolvency Practitioners in Australia: The Case for a New Framework, and made references to the proposed Personal Property Securities Act 2009. The authors also maintain a practical focus, referring throughout to guidance notes issued by the regulators (Australian Securities and Investments Commission and Insolvency and Trustee Service Australia). The Insolvency Practitioners Association Code of Professional Practice is also referred to throughout the text.

There are few insolvency texts which cover both personal and corporate insolvency. The book achieves this outcome very well. Throughout, there are comparative references between the two streams of law, which the reader will find useful. As well as being practical, the text contains theoretical perspectives on insolvency law, which allow the reader to develop a better understanding. The authors also offer many insightful opinions into particular areas of insolvency.

The text is highly recommended for lawyers and insolvency practitioners alike, and students studying insolvency law will also find it useful.

Part I: Introduction
1. Introduction to Insolvency
Part II: Personal Insolvency – Bankruptcy Arrangements for Individuals
2. Introduction to Bankruptcy
3. Going Bankrupt – Voluntary and Compulsory Bankruptcy
4. The Impact of Bankruptcy on Persons and Property
5. The Recovery of Assets for Creditors
6. The Administration of the Bankruptcy
7. The End of a Bankruptcy and Beyond
Part III: Personal Insolvency – Non-bankruptcy Arrangements for Individuals
8. Personal Insolvency Agreements
9. Debt Agreements
Part IV: Corporate Insolvency – Liquidation
10. Introduction to Liquidation and Its Administration
11. Voluntary and Compulsory Winding Up
12. Provisional Liquidation
13. The Effects of Winding Up
14. Assets Available to the Liquidator
15. The Administration of the Winding Up
16. Criminal Offences and Civil Actions Against Company Directors
17. Termination of the Winding Up; Deregistration and Reinstatement
Pt V: Corporate Insolvency – Non-liquidation Arrangements
18. Receivership
19. Voluntary Administration 0
20. Deeds of Company Arrangement and Schemes of Arrangement
21. An Appraisal of the Present State of Insolvency, and its Future

General Downloads

• Keay's Insolvency: Part 1 [PDF 149270]

Product Reviews

• (2011) 19 Insolv LJ 218 [PDF 23430]
• Australian Banking and Finance Law Bulletin April 2011 [PDF 85860]