LAW 7055 - Comparative Corporate Rescue Law (PG)

North Terrace Campus - Semester 2 - 2017

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
    Prerequisites Students without a Bachelor of Laws must have completed LAW 7177
    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 2017, on all of the following days:
    Friday 6th October, Saturday 7th October, Friday 13th October, Saturday 14th October

  • 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)
    1-6
    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
    1-6
    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
    3,5
    Career and leadership readiness
    • technology savvy
    • professional and, where relevant, fully accredited
    • forward thinking and well informed
    • tested and validated by work based experiences
    1-6
    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
    4,5
    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
    5,6
  • 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
    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, with some online learning, and will be a mixture of lecture, seminar, and student participation in group exercises.
    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.

    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
    Friday 6 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?

    1.30-4.30
    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


    Saturday 7 October
    9.30-12.30- Voluntary Administration procedure(Australia)

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


    Friday 13 October
    9.30-12.30 Quiz feedback
    UNCITRAL Guide and Model Law
    Cross Border Insolvency Issues

    1.30-4.30 Guest lecture/ Recent Developments
    Time to work on group exercise

    Saturday 14 October
    9.30-12.30.Group presentations on financial distress scenario

    1.30-4.30 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 Type Redeemable CLO
    Online Quiz Formative and Summative

    11 October 5pm

     15% Individual No 1-2
    Participation Summative Throughout course, mark allocated after final class 10% Individual No 1-5
    Hypothetical Case Exercise Summative In class 14 October 20% 10% Group
    10%Individual
    No 1-5
    Research Essay Summative 10 November 5 pm 55% Individual No 1-4,6
    Assessment Detail
    Participation
    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.

    Research Essay
    The research essay (5000 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 14 October, 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 substantial research piece ofscholarship 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 studentsmust 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
    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


    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 and provided in classes and online prior to 8th October. Students may only attempt it once, but a short trial quiz will be provided on MyUni for formative purposes. Feedback onthe quiz will be given by 17 October.

    Hypothetical Case Exercise
    On the final class contact day, 14 October, students will work in pairs or groups of teams (numbers dependent on enrolments) to negotiate and advocate a role within a complex corporate rescue scenario with international elements. Materials and role with further explanation of expectations will be provided the weekend before. Each group must email to the coordinator by Friday 13th 7 pm, a two page (A4 Times New Roman 10 point font) skeleton synopsis of their case, referencing sources relied upon. Students are not expected to do lengthy research, as the classes and materials should provide most of the required legal information.  Each student in the group must participate orally in the presentation and negotiation sessions, approximately proportionately (for example in a group of three, each students should participate orally in approximately one-third of their group's oral presentation). Each student should similarly  participate in the production of the written synopsis.

    A group mark of 10% will be awarded based on overall quality of content of legal argument, oral communication and articulation of their case (including the synopsis)  and an individual mark of 10% will be awarded to each member for the quality of their contribution.
    Submission
    5.1  Submission

    Submission of the research essays should be online via Turnitin. Instructions will be given on MyUni 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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