LAW 7055 - Comparative Corporate Rescue Law (PG)

North Terrace Campus - Quadmester 2 - 2021

The aim of the course is to identify the role of insolvency law regimes in the global corporate environment, with particular emphasis on formal and informal rehabilitation processes for corporations experiencing financial difficulties. The course will cover the following topics as they relate to corporate rescue systems operating in major trading regions of the world: when is rehabilitation appropriate; access to the process; protection afforded to the company on entering into the process; formulating a rehabilitation plan; the role of an independent administrator in the process; the role of creditors, members, and company officers in the process; the role of the court; informal v formal rehabilitation processes; involvement of international bodies, and cross-border reorganisation.

  • General Course Information
    Course Details
    Course Code LAW 7055
    Course Comparative Corporate Rescue Law (PG)
    Coordinating Unit Adelaide Law School
    Term Quadmester 2
    Level Postgraduate Coursework
    Location/s North Terrace Campus
    Units 3
    Contact Up to 2 hours per week
    Available for Study Abroad and Exchange Y
    Prerequisites Students without a Bachelor of Laws must have completed LAW 7177
    Assessment Participation, assignments/research paper and/or exam as determined at first seminar
    Course Staff

    Course Coordinator: Associate Professor David Brown

    Associate Professor David Brown, Room 2.20 Ligertwood Building
    Course Timetable

    The full timetable of all activities for this course can be accessed from Course Planner.

    This course will be taught in intensive mode on 29 and 30 April, and 6 and 7 May.
  • Learning Outcomes
    Course Learning Outcomes

    On successful completion of this course, students will be able to:

    1. Explain and analyse the policy, theory and practice of corporate rescue and critique the law  from a comparative perspective.

    2. Apply the principles of corporate rescue law to commercial financial distress scenarios, including international and comparative aspects

    3. Develop and articulate legal arguments and apply them to complex problem-solving in an international and comparative context

    4. Identify and evaluate cultural and social factors impacting upon corporate rescue both locally and globally

    5. Develop apply and reflect upon their ability to communicate and interact with others to arrive at optimally effective and ethically appropriate solutions to complex commercial distress scenarios

    6. Conduct a sustained legal research project critically analysing specific aspects or comparative approaches of Australian corporate rescue law and the law of at least one other jurisdiction.
    University Graduate Attributes

    This course will provide students with an opportunity to develop the Graduate Attribute(s) specified below:

    University Graduate Attribute Course Learning Outcome(s)
    Deep discipline knowledge
    • informed and infused by cutting edge research, scaffolded throughout their program of studies
    • acquired from personal interaction with research active educators, from year 1
    • accredited or validated against national or international standards (for relevant programs)
    Critical thinking and problem solving
    • steeped in research methods and rigor
    • based on empirical evidence and the scientific approach to knowledge development
    • demonstrated through appropriate and relevant assessment
    Teamwork and communication skills
    • developed from, with, and via the SGDE
    • honed through assessment and practice throughout the program of studies
    • encouraged and valued in all aspects of learning
    Career and leadership readiness
    • technology savvy
    • professional and, where relevant, fully accredited
    • forward thinking and well informed
    • tested and validated by work based experiences
    Intercultural and ethical competency
    • adept at operating in other cultures
    • comfortable with different nationalities and social contexts
    • able to determine and contribute to desirable social outcomes
    • demonstrated by study abroad or with an understanding of indigenous knowledges
    Self-awareness and emotional intelligence
    • a capacity for self-reflection and a willingness to engage in self-appraisal
    • open to objective and constructive feedback from supervisors and peers
    • able to negotiate difficult social situations, defuse conflict and engage positively in purposeful debate
  • Learning Resources
    Required Resources
    All required reading will be provided on the MyUni course page. A small amount will be required prior to the first class and will be notified by email to enrolled students at least one week before.

    Students should have a copy of the latest edition of the Corporations Act 2001(Cth), Part 5 available either in hard copy or soft copy for use in class and during the course.


    Recommended Resources
    Recommended text- Symes, Brown and Lombard, Australian Insolvency Law (4th ed, 2019, LexisNexis)

    A list of library resources for this course is kept with the Law Library desk.
    Many of these will be put on restricted loan during the course.
    Some weblinks and other resources will also be provided on MyUni.

    Online Learning
    MyUni will be used for communication and for resources and assessment information. It should be checked regularly during the course.
  • Learning & Teaching Activities
    Learning & Teaching Modes
    As the course is an intensive, it will take place between 10-5 on the scheduled four days. Learning in class will consist of lecturing and problem and case-based discussion and presentation, with one or two guest speakers possible.

    The information below is provided as a guide to assist students in engaging appropriately with the course requirements.

    The university guideline for a 3 unit course is 156 hours of student workload including class contact time. Due to the intensive nature of this course, these hours would be spread over the class time and the period of the course leading up to the research essay due date.

    In view of the intensive and participatory nature of the course over four days of class contact time, students must attend for the whole of the contact time, except in case of certificated illness or similar circumstances, where application to the course coordinator should be made as soon as possible.
    Learning Activities Summary
    29 April
    9.30 - 12.30 Theory and policy of corporate rescue law. What is rescue? Why rescue? What are the alternatives and
    consequences? Who are the stakeholders?

    1.30 - 4.30
    Key features of Australian corporate insolvency law- key procedures compared- Receivership, Liquidation, Voluntary Administration, Schemes of Arrangement, Small Business Restructuring, Informal Rescue, The role of insolvency practitioners, directors’ duties and corporate rescue

    30 April
    9.30-12.30- Voluntary Administration procedure (Australia)

    1.30-4.30 A world view of corporate rescue - and overview of other jurisdictions, US, UK, Indian, Canadian and Singapore corporate rescue

    6 May
    9.30 -12.30 Quiz feedback
    UNCITRAL Guide and Model Law
    EU Law Issues
    Cross Border Insolvency Issues

    1.30 - 4.30 Guest lecture / Recent Developments

    Time to work on group exercise

    7 May
    9.30 - 12.30.Group presentations on financial distress scenario

    1.30 - 4.30 Concluding remarks, future developments
    Research essay consultation

    Precise topics, timings and order may alter slightly, eg depending on group/enrolment numbers and legal developments in 2020/21.
  • Assessment

    The University's policy on Assessment for Coursework Programs is based on the following four principles:

    1. Assessment must encourage and reinforce learning.
    2. Assessment must enable robust and fair judgements about student performance.
    3. Assessment practices must be fair and equitable to students and give them the opportunity to demonstrate what they have learned.
    4. Assessment must maintain academic standards.

    Assessment Summary
    Assessment item % of final mark Dates Length Individual or Group Activity? Redeemable in exam? Learning Outcomes
    Quiz 15 3 May N/A Individual N/A 1,2
    Participation 10 Throughout course N/A Individual N/A 1-5
    Hypothetical Case Exercise 20 7 May  N/A 10% Group/
    10% Individual
    N/A 1-5
    Research Essay 55 7 June 3500 Individual N/A 1-6
    Assessment Detail
    The quiz will be online through MyUni and will consist of 15 multiple choice questions and true/false questions, and you may only have one attempt. It will cover your understanding of the concepts and terms, and law lectured, in the first two days of class.

    Each student will receive a grade at the conclusion of the course for their participation in class-room and online discussion during the course. This will be based on both their willingness to contribute comments and/or respond to questions and the quality of any contributions made, in class and/or online via MyUni Discussion Board.

    Hypothetical Case Exercise

    Students will be given a legal scenario to work on, and take various roles. This will be done in groups of approximately 4-6 depending on class numbers. Each student must present an A4 2-page (maximum) synopsis of their argument, and each student must present in the group presentation of their case. Assessment will be a 10% group mark and 10% individual mark. Case exercises and groups will be allocated on 30 April.

    Research Essay
    The research essay (3500 words) may be on any topic within the field of corporate rescue, provided that there is a comparative element. Topics must be agreed with the Course Coordinator by 10 May at the latest, and a list of suggested topics will be provided in the first class,though students may propose other topics to be approved.

    Please note: Students choosing to use this course to satisfy the requirements of the Extended Dissertation for their programme, must produce a 7,000-8,000 word essay which will be assessed against publication standards. This essay will replace the above mentioned (shorter) research essay in this course, but these students must do the rest of the assessment in this course and also the same guides about topic and suggested topics in the previous paragraph apply. Please identify yourself to me through the approval form process as early as possible if you are taking this option of the substantial essay.

    Assessment Criteria for Research Essay
    25% of the available marks for the essay will be allocated to extend and appropriate use of research, 15% to expression, presentation and style guide compliance, and 60% to substantive content taking into account the following non-exhaustive list

    • level of insight and innovative thought

    • depth of analysis and level of critical examination of the issues raised

    • clarity of expression

    • logical planning and sequence

    • evidence of comprehensive research and consideration of the relevant literature

    • demonstrated understanding of the comparative law method

    • demonstrated understanding of relevant legal materials

    • correct application of relevant material

    • overall presentation, including correct grammar, spelling and punctuation

    • use of resources in formulating the paper including proper acknowledgment and correct referencing

    Submission of the research essays and written part of group work should be online via MyUni and Turnitin. Instructions will be given on MyUni before the classes.

    All written work in the Law school is required to comply with the approved Law School style guide, The Australian Guide to Legal Citation (4th ed), as well as the Academic Integrity Policy.

    Extensions: Requests for extensions must be made via the Law School intranet , filling in the form and giving reasons and evidence as in the Moderated Coursework Assessment Policy. Extensions will be granted only for unexpected illness, hardship or on compassionate grounds in accordance with University Policy. Work commitments, travel, holidays or sporting engagements (other than under the University's Elite Athlete Programme) are not unexpected circumstances.


    1. Late Submission: Submission penalties of 5% (of the total mark of the assignment) each day (or part
    thereof) will be deducted for late submission (including weekends and public holidays), (ie an essay graded 63% will have 5 % deducted if it is one day late, for a final mark of 58%, 10% if it is two days, etc).

    2. Word Length: Assignments which exceed the allocated length (word length or page limit) will be subject to a penalty of 5% of total marks available per 100 words or part thereof (ie with a word limit of 3,500, an essay graded 63% will have 5% deducted if it is 3501 words long, for a final grade of 58%, 10% if it is 3601 words long, etc). Words are calculated including all footnotes and headings within the text but excluding cover page information. Quotations and all referencing information are included in the word count.

    Feedback and assessment turnaround time:
    Feedback on Group Exercise will be given within one week. 

    Group feedback, together with written, individual feedback will be provided. The Research Essay will be returned to students within 3-4 weeks of the submission date with written individual feedback on the MyUni platform.
    Course Grading

    Grades for your performance in this course will be awarded in accordance with the following scheme:

    M10 (Coursework Mark Scheme)
    Grade Mark Description
    FNS   Fail No Submission
    F 1-49 Fail
    P 50-64 Pass
    C 65-74 Credit
    D 75-84 Distinction
    HD 85-100 High Distinction
    CN   Continuing
    NFE   No Formal Examination
    RP   Result Pending

    Further details of the grades/results can be obtained from Examinations.

    Grade Descriptors are available which provide a general guide to the standard of work that is expected at each grade level. More information at Assessment for Coursework Programs.

    Final results for this course will be made available through Access Adelaide.

    Finality of Assessment Grades

    Students are advised that Course Coordinators will not enter into negotiations of any kind with any student regarding changes to their grades. It is irrelevant, in any given circumstance, that only a minimal number of additional marks are required to inflate a student’s grade for any individual assessment item or course as a whole. Pursuant to the University’s Assessment for Coursework Programs Policyand the Adelaide Law School Assessment Policies and Procedures, grades may only be varied through the appropriate channels for academic review (such as an official re-mark).

    In accordance with the University’s Assessment for Coursework Programs Policy, course coordinators ‘ensure that appropriate marking guidelines and cross-marking moderation processes across markers are in place’ in each course. Procedures adopted by Adelaide Law School to ensure consistency of marking in courses with multiple markers include:
    • assurance of the qualifications of markers, and their knowledge of the content covered in each course;
    • detailed marking guidelines and assessment rubrics to assist in the marking of items of assessment;
    • sharing of example marked assessments at various grade bands across markers;
    • reviewing of selected marked assessments from each marker by the course coordinator;
    • comparison of the marks and their distribution across markers;
    • automatic double-marking of all interim assessment receiving a fail grade, and of final assessments where a student’s overall result is a fail grade;
    • the availability of re-marking of assessments in accordance with Adelaide Law School’s Assessment Policies and Procedures.

    Approval of Results by Board of Examiners
    Students are reminded that all assessment results are subject to approval (and possible moderation/change) by the Law School’s Board of Examiners. Assessment results at the University are not scaled. Under the Assessment for Coursework Programs Policy, students are assessed ‘by reference to their performance against pre-determined criteria and standards … and not by ranking against the performance of the student cohort in the course’. However, under that same policy, the Board of Examiners (as the relevant Assessment Review Committee for courses at Adelaide Law School) is required to ‘ensure comparability of standards and consistency’ in assessment. On occasions, the Board of Examiners will form the view that some moderation is required to ensure the comparability of standards and consistency across courses and years, and accordingly provide fairness to all law students. All assessment results are therefore subject to approval (and possible change) until confirmed by the Board of Examiners and posted on Access Adelaide at the end of each semester.
  • Student Feedback

    The University places a high priority on approaches to learning and teaching that enhance the student experience. Feedback is sought from students in a variety of ways including on-going engagement with staff, the use of online discussion boards and the use of Student Experience of Learning and Teaching (SELT) surveys as well as GOS surveys and Program reviews.

    SELTs are an important source of information to inform individual teaching practice, decisions about teaching duties, and course and program curriculum design. They enable the University to assess how effectively its learning environments and teaching practices facilitate student engagement and learning outcomes. Under the current SELT Policy ( course SELTs are mandated and must be conducted at the conclusion of each term/semester/trimester for every course offering. Feedback on issues raised through course SELT surveys is made available to enrolled students through various resources (e.g. MyUni). In addition aggregated course SELT data is available.

  • Student Support
    The University Writing Centre provides academic learning and language development services and resources for local, international, undergraduate and postgraduate coursework students enrolled at the University of Adelaide.

    The centre offers practical advice and strategies for students to master reading, writing, note-taking, time management, oral presentation skills, referencing techniques and exam preparation for success at university through seminars, workshops and individual consultations.

    Lex Salus Program
    Lex Salus (law and wellbeing) is an initiative of the Adelaide Law School aimed at destigmatising mental health issues; promoting physical, mental and emotional wellness; building a strong community of staff and students; and celebrating diversity within the school. It also seeks to promote wellness within the legal profession, through the involvement of the Chief Justice of the Supreme Court of South Australia, the Honourable Chris Kourakis, as the official Patron of the program.

    Students can participate in the Lex Salus program by attending barbecue lunches, pancake breakfasts, knitting and crochet circles, seminars, guest speakers, conferences and other activities. Our Facebook page, website and regular all-student emails promote upcoming events, and have tips and information on wellness.

    Our Lex Salus YouTube channel also includes videos on topics like managing stress, and interviews with LGBTQ lawyers and their supporters which celebrate diversity and individuality. Students who commit to 10 hours of volunteering with Lex Salus in one year can have their service recognised on their academic transcript and through a thank you morning tea with the Chief Justice and law school staff.

    Student Life Counselling Support
    The University’s Student Life Counselling Support service provides free and confidential service to all enrolled students. We encourage you to contact the Student Life Counselling Support service on 8313 5663 to make an appointment to deal with any issues that may be affecting your study and life.
  • Policies & Guidelines

    This section contains links to relevant assessment-related policies and guidelines - all university policies.

    Academic Integrity
    All students must be familiar with the University’s Academic Integrity Policy. Academic Misconduct is a serious matter and is treated as such by the Law School and the University. Academic Misconduct (which goes beyond plagiarism) can be a ground for a refusal by the Supreme Court of South Australia to admit a person to practice as a legal practitioner in South Australia. Academic Integrity is an essential aspect of ethical and honest behaviour, which is central to the practice of the law and an understanding of what it is to be a lawyer.
  • Fraud Awareness

    Students are reminded that in order to maintain the academic integrity of all programs and courses, the university has a zero-tolerance approach to students offering money or significant value goods or services to any staff member who is involved in their teaching or assessment. Students offering lecturers or tutors or professional staff anything more than a small token of appreciation is totally unacceptable, in any circumstances. Staff members are obliged to report all such incidents to their supervisor/manager, who will refer them for action under the university's student’s disciplinary procedures.

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