LAW 7055 - Comparative Corporate Rescue Law (PG)

North Terrace Campus - Semester 2 - 2015

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 Semester 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
    Course Description 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.
    Course Staff

    Course Coordinator: Mr David Brown

    Associate Professor David Brown, Room 2.20 Ligertwood Building
    d.brown@adelaide.edu.au
    8313-4442
    Course Timetable

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

    This course is taught in intensive mode in 2015, on all of the following days:
    Saturday 24 October, Sunday 25th October, Saturday 31 October, Sunday 1 November 2015
    All classes 9.30-4.30
  • Learning Outcomes
    Course Learning Outcomes


    1.    
    To understand the policy and theory of corporate rescue in the context of
    corporate insolvency

    2.    
    To understand the key aspects of Australian corporate rescue law, in particular
    informal procedures and formal rescue under Part 5.1 and Part 5.3A Corporations
    Act 2001

    3.    
    To develop an understanding of the key stakeholders and perspectives involved in
    any corporate turnaround or rescue attempt

    4.    
    To understand and critically appraise the corporate rescue laws of key
    jurisdictions, in particular the U.S, UK, and Canada in light of policy and
    theory of corporate rescue, and cultural and political influences upon the
    development of the law

    5.    
    To appreciate the role of international and regional influences and guidelines
    including UNCITRAL, and the relevance of cross-border insolvency and rescue of
    corporate groups

    6.    
    To have the ability to analyse and discuss a problem scenario based on a situation
    of corporate financial distress in relation to the law of major jurisdictions
    and appreciate the differences and similarities between jurisdictions

    7.    To be able to undertake a research project in relation to 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)
    Knowledge and understanding of the content and techniques of a chosen discipline at advanced levels that are internationally recognised. 1-7
    The ability to locate, analyse, evaluate and synthesise information from a wide variety of sources in a planned and timely manner. 4,6,7
    An ability to apply effective, creative and innovative solutions, both independently and cooperatively, to current and future problems. 6-7
    Skills of a high order in interpersonal understanding, teamwork and communication. 6
    A proficiency in the appropriate use of contemporary technologies. 7
    An awareness of ethical, social and cultural issues within a global context and their importance in the exercise of professional skills and responsibilities. 4
  • Learning Resources
    Required Resources


    All required reading will be provided on MyUni or by handouts in the first class. 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


    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
    Learning and teaching will be primarily in four full-day classes, and will be a mixture of lecture, seminar, and student participation and presentations.
    Workload

    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.

     

    It is expected that in view of the intensive
    and participatory nature of the course over four days of class contact time,
    students will attend all classes except in case of certificated illness or
    similar circumstances.

     

    Learning Activities Summary






    Saturday 24 October

    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?


    1.30-430
    Key features of Australian corporate insolvency law- key procedures
    compared- Receivership, Liquidation, Voluntary Administration, Schemes of
    Arrangement, Informal Rescue, The role of insolvency practitioners,
    directors’ duties and corporate rescue






    Sunday 25 October

    9.30-12.30- Overview of Voluntary Administration procedure(Australia)


    1.30-430 A world view of corporate rescue- and overview of US, UK, Canadian
    corporate rescue






    Saturday 31 October

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


    1.30-4.30 Guest lecture/ Recent Developments






    Sunday 1 November
     
    9.30-12.30.Group presentations on financial distress scenario


    130-4.30 Concluding remarks, future
    developments
    Research essay consultation

    Precise timings and order may alter slightly, eg depending on group/enrolment numbers.


















    Specific Course Requirements


    Attendance and
    participation at all four classes is required save in the case of certificated
    medical and other similar circumstances.

     

    Small Group Discovery Experience
    Not applicable.
  • 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 Task Task Type Due Weighting
    Online Quiz Formative and Summative

    28 October 5pm

     10%
    Participation Summative Throughout course, mark allocated after final class 10% e.g. 1,2,3,4,6
    Presentations Summative In class 1 November 20%(10 group, 10 individual)
    Research Essay Summative 23 November 5 pm 60%
    Assessment Detail


    Participation

     Each student will receive a grade at
    the conclusion of the course for their participation in class-room 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.

     

    Research
    Essay

     
    The research essay (5200 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 28th
    October, and a list of suggested topics will be provided in the first class,
    though students may suggest other topics.

    Please note: Students choosing to use this
    course to satisfy the requirements of the substantial research piece of
    scholarship 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 as early as possible if you are taking this option of
    the substantial essay.

     

    Assessment
    Criteria for research essay
     

    •     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

     

    Fail 
    0 – 49

    Does not develop coherent and rational
    arguments; demonstrates fundamental errors of understanding of key legal
    principles and concepts; little evidence of research to support arguments;
    demonstrates limited analytical and evaluative skills

     

    Pass 50 – 64

    Demonstrates a basic understanding of
    the relevant legal material eg legislation, cases and treaties; applies core
    texts and materials; arguments rational and coherent; adheres to referencing
    requirements

     

    Credit 65 – 74

    Demonstrates a high level of
    understanding of the relevant legal materials; has a thorough understanding of
    course materials; arguments are well constructed with appropriate supporting
    referencing; demonstrates some critical legal thinking and evaluative skills

     

    Distinction 75 – 84

    A very high standard of understanding
    of the relevant legal materials with some original and sophisticated
    perspectives included; paper demonstrates high level insight; broad ranging
    research undertaken; evidence of high level of critical thinking; well
    developed analytical and evaluative skills

     

    High Distinction 85 - 100

    Outstanding level of understanding and
    interpretation demonstrated; arguments are compelling and well supported by
    relevant authorities; student has undertaken broad ranging research and
    demonstrated original and sophisticated thinking especially in relation to difficult
    areas of legal application; highly developed written communication skills
    demonstrated.
     

    Online Quiz

     
    The online quiz will be a multiple
    choice quiz which will test the material lectured in classes on 24th
    and 25th October only. Students may only attempt it once, but a
    short trial quiz will be provided on MyUni for formative purposes. Feedback on
    the quiz will be given by 31 October .

     

    Presentations

     
    Students will give a 40 minute
    presentation in the final class on 1 November, and will work in groups of 2, 3
    or 4 depending on class numbers finalised nearer the time (the groups will be
    formed on). Students will be given a take-home problem-based corporate distress
    scenario, and will be asked to analyse and present it from the perspective of a
    particular jurisdiction. Students are not expected to do lengthy research, as
    the classes on  24 and 25 October and
    materials should provide most of the required legal information.  Each student in the group must present a
    proportionate part of the presentation to the class, and there must be an
    accompanying paper similarly proportioned (for example, in a group of four,
    each student must contribute roughly one-quarter of the issues or paper, and
    must present for one-quarter of the allotted time for presentations.

     

    A group mark of 10% will be awarded
    based on overall quality of content and delivery of the presentation and the
    paper, and an individual mark of 10% will be awarded to each member for the
    quality of their contribution.

     

    Further guidance and details will be
    given in the first meeting. The group presentation will require group members
    to communicate with each other in the weeks between the first and last class,
    the latter (1 November) being the date of the presentations.

     

    Group papers should be circulated by
    the close of class on 31 October at the latest, to enable class members and
    coordinator to read them overnight. All accompanying slides and other
    presentation materials should be forwarded to the Coordinator before or soon
    after the presentation.

    Submission


    5.1  Submission

    Submission
    of the research essays should be online via Turnitin . Instructions will be given on My Uni before the last class.
     

    All written work in the Law school is required to comply with the
    approved Law School style guide, The Australian Guide to Legal Citation.

    Extensions: Requests for extensions must be made via email to the
    course coordinator. 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 are not unexpected
    circumstances.

    Penalties:

    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 3,000, an essay graded 63% will have 5% deducted if it is
    3001 words long, for a final grade of 58%, 10% if it is 3101 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 presentation/paper will be given
    within one week. Feedback on research essay will be given within three weeks.

    Group feedback, together with written, individual feedback will be
    provided, from which students can learn from in the final assignment. The final
    assignment will be returned to students within 4 weeks of the submission date
    with written individual feedback.

    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.

  • 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 (http://www.adelaide.edu.au/policies/101/) 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.

    E-SELTS will be requested for you to complete after the course,  by student email system. A folllow-up reminder will be sent through the email system.

    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 CEQ 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
    (http://www.adelaide.edu.au/policies/101/) course SELTs are mandated and
    must be conducted at least once every 2 years. 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
  • Policies & Guidelines
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