LAW 7055 - Comparative Corporate Rescue Law (PG)
North Terrace Campus - Semester 2 - 2015
General Course Information
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 Coordinator: Associate Professor David BrownAssociate Professor David Brown, Room 2.20 Ligertwood Building
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
Course Learning Outcomes
To understand the policy and theory of corporate rescue in the context of
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
To develop an understanding of the key stakeholders and perspectives involved in
any corporate turnaround or rescue attempt
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
To appreciate the role of international and regional influences and guidelines
including UNCITRAL, and the relevance of cross-border insolvency and rescue of
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
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
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.
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 ModesLearning and teaching will be primarily in four full-day classes, and will be a mixture of lecture, seminar, and student participation and presentations.
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
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
Who are the stakeholders?
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
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
Research essay consultation
Precise timings and order may alter slightly, eg depending on group/enrolment numbers.
Specific Course Requirements
participation at all four classes is required save in the case of certificated
medical and other similar circumstances.
Small Group Discovery ExperienceNot applicable.
The University's policy on Assessment for Coursework Programs is based on the following four principles:
- Assessment must encourage and reinforce learning.
- Assessment must enable robust and fair judgements about student performance.
- Assessment practices must be fair and equitable to students and give them the opportunity to demonstrate what they have learned.
- Assessment must maintain academic standards.
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%
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.
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.
Criteria for research essay
of insight and innovative thought
of analysis and level of critical
examination of the issues raised
planning and sequence
of comprehensive research and consideration of the relevant literature
understanding of the comparative law method
understanding of relevant legal materials
application of relevant material
presentation, including correct grammar, spelling and punctuation
of resources in formulating the paper including proper acknowledgment and
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
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
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 .
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.
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
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).
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
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.
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.
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
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.
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