LAW 3526 - Corporate Insolvency Law

North Terrace Campus - Semester 1 - 2019

This course will provide an introduction to the theory, policy and key principles of corporate insolvency law. The course will focus on the key corporate insolvency procedures of liquidation, administration, deed administration, receivership as well as informal business rescue, and comparative developments in major jurisdictions. The course will also examine the role of government, regulators, the insolvency profession and other `stakeholders in corporate insolvency law, including the duties and conduct of directors in relation to businesses in financial difficulty. Cross-border insolvency issues will be examined.

  • General Course Information
    Course Details
    Course Code LAW 3526
    Course Corporate Insolvency Law
    Coordinating Unit Adelaide Law School
    Term Semester 1
    Level Undergraduate Law (LLB)
    Location/s North Terrace Campus
    Units 3
    Contact Up to 3 hours per week (when averaged over the Semester)
    Available for Study Abroad and Exchange Y
    Prerequisites LAW 1506 or LAW 1511
    Assumed Knowledge LAW 2502 & LAW 2505 or LAW 2598
    Restrictions Available to LLB students only
    Course Description This course will provide an introduction to the theory, policy and key principles of corporate insolvency law. The course will focus on the key corporate insolvency procedures of liquidation, administration, deed administration, receivership as well as informal business rescue, and comparative developments in major jurisdictions. The course will also examine the role of government, regulators, the insolvency profession and other `stakeholders in corporate insolvency law, including the duties and conduct of directors in relation to businesses in financial difficulty. Cross-border insolvency issues will be examined.
    Course Staff

    Course Coordinator: Professor Christopher Symes

    2Professor (Dr) Christopher Symes
    Room 2.23
    Phone 8313 4452

    Email christopher.f.symes@adelaide.edu.au
    (note this is a little different to most email addresses at Uni of Adelaide)

    No other staff teach this course
    Course Timetable

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






  • Learning Outcomes
    Course Learning Outcomes

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

    1. Identify the informal and formal insolvency procedures available to corporate Australia, the legal principles governing the cross border insolvency and the key economic and social aspects of the practice of corporate insolvency law

    2. Explain, analyse, evaluate, synthesise and solve practical issues about corporations, corporate officers, shareholders and creditors in the insolvency setting

    3. Write clearly and concisely about Corporate Insolvency Law 

    4. Apply excellent research skills to identify and effectively use Corporate Insolvency Law resources

    5. Develop critical thinking about how to improve Corporate Insolvency Law

    6. Comment on the ethical development of Corproate Insolvency Law

    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, 2
    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
    2, 5
    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
    6
    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
    6
    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
    1, 5
  • Learning Resources
    Required Resources
    The textbook used is Symes & Duns, Australian Insolvency Law (3rd ed, 2015) combined with Symes, Brown, Wellard, Australian Insolvency Law Cases and Materials (2016)

    Students will also require a copy/access of the Corporations Act 2001 (Cth) and any of the legal publisher’s versions (lexisnexis, Thomson Reuters or CCH) is acceptable.

    Recommended Resources
    Murray & Harris, Keay's Insolvency Personal and Corporate Law 10th edition 2018

    Throughout the course a list of other resources will be provided on MyUni
    Online Learning
    This course will use MyUni for announcements, display of Powerpoint slides, lecture outlines and any additional case and other material required to be read for seminars. This course will also require you to use MyUni for some assessment, including submission of essays, case comments and Online Quizzes.
  • Learning & Teaching Activities
    Learning & Teaching Modes
    Lectures will generally take the form of an outline of the topic and its key issues. Students are expected to keep up with the corresponding reading in Symes and Duns, or as otherwise indicated by the lecturer. The lecturer may provide outlines, slides or additional material.

    Seminars, that immediately follow the lecture, will concentrate on in-depth consideration of questions, including problem-solving, provided in advance of the seminar. Students are expected to read the cases and other materials and questions set prior to the seminar.Seminars are an important component of your learning in this course and therefore it is in your interests to make every effort to stay and attend them and participate. The communication skills developed in seminars by regularly and actively participating in discussions are considered to be important by the School, and are highly regarded by employers and professional bodies.

    Online activities - Each student will be required to undertake and submit on MyUni one written piece of assessment being a case comment or essay. Each student will be required to complete a quiz online during the course. See under 'Assessment'.
    Workload

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

    Contact time: attend the weekly two hour lecture and one hour seminar. This amounts to 36 hours of formal class contact time.

    Preparation Time: In addition to attending formal classes it is anticipated that students will do substantial independent work to prepare for classes and to complete the course assignments.
    Learning Activities Summary
    Week 1

    Introduction to Corporate Insolvency – statistics, theories, principles, reports, definition


    Week 2

    Receivership – appointment, powers, duties, agency, creditors, relationships


    Week 3

    Voluntary Administration I – objects clause, appointment, conduct, meetings



    Week 4

    Voluntary Administration II – effect, moratorium, court involvement



    Week 5

    Deeds of Company Arrangement – deed administrator, content, effect, powers and duties, variation, terminations and transition


    Week 6

    Liquidation I – provisional liquidation, introduction to types


    Week 7

    Liquidation II – statutory demands, powers and duties, effect


    Week 8

    Liquidation III – antecedent transactions, division of assets


    Week 9

    Liquidation IV – examinations, de-registrations, reinstatements


    Week 10

    Insolvent Trading


    Week 11

    Australian Cross Border Insolvency Law

    Revision
  • 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 (Group or Individual)
    Due Weighting Length Redeemable? Course Learning Outcome
    Online Quiz Individual

    25th March 2019 

    20 40 questions N 1
    Case comment/Essay Individual 29th April 2019 35 2,500 words N 1,2,3,4,5,6
    Take-Home Exam Individual Tues 18 June 2pm 45 1,500 words N 1,2,3
    Assessment Detail
    Online Quiz
    There will be a quiz to be completed by Monday, 25 March, counting for 20%. This can be completed online through MyUni, and will relate to the work in Weeks 1-4. There will be 40 questions in the quiz. Students may attempt multiple times.

    Case Comment or Essay
    Each student will be asked to write a case comment on a recent voluntary administration case or an essay from a list of topics that will be posted in week 1. There will be a guide available on MyUni that assists in the choice and preparation of the Case Comment. The comment or essay will be submitted using Turnitin. It is due on Monday 29th April at 2pm. The Case comment or essay will be marked according to the student's ability to source, collate and analyse relevant primary and secondary material, their demonstrated ability to understand the relevant law and their critical discussion. Marks will be awarded for lucidity of expression, logical flow and structure of discussion and argument and compliance with AGLC and good English expression. The written task essay counts for 35%.

    Exam
    An Take-Home Exam will be conducted. The take-home exam will count for 45% and will be on any aspect of the course.
    Submission
    Essays and Case Comments will be submitted electronically. MyUni will outline the steps to submit using turnitin.

    Penalties:

    1. Late Submission:
    5% of the total mark possible will be deducted for every 24 hours or part thereof that submission is late, including each day on a weekend. For example, an essay that is submitted after the due date and time but within the first 24 hour period, and that has been graded at 63%, will have 5% deducted, for a final grade of 58%. An assignment that is more than 24 hours late will lose 10%, etc. Hard copy submissions made after 5.00pm on a Friday will be assumed to have been submitted on the next business day and will be penalised accordingly.

    2. Word Length:
    Assignments which exceed the allocated length (word length ) will be subject to a penalty of 5% of total marks possible per 100 words or part thereof (ie with a word limit of 1,250, an essay graded 63% will have 5% deducted if it is 1,251 words long, for a final grade of 58%, 10% if it is 1,351 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.

    3. Failure to lodge a hard copy with a Turnitin receipt will mean that your assignment has not been validly submitted and a special penalty
    of 5% may be applied.
    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.

    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).

    Moderation

    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.

    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.

    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.

    SELT was conducted on Corporate Insolvency Law when it was last offered in Summer 2014. Students found the seminars provided good explanation of the law. No suggestions for improvement were provided however 2014 saw the introduction of an on-line quiz and the removal of a final exam added to the focus of an enjoyable course providing both broad and in-depth knowledge. Both changes were well received.
  • 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.

    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.

    For more information please check out the Writing Centre website at http://www.adelaide.edu.au/writingcentre/  

    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 at https://www.facebook.com/LexSalusALS/ , our website at https://law.adelaide.edu.au/lex-salus/
    and regular allstudent emails promote upcoming events, and have tips and information on wellness. Our Lex Salus Youtube channel at https://www.youtube.com/channel/UCN5jQ44r8SmVn0txjaNcj3w  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.

     
    Counselling Service

    The University Counselling Service provides a free and confidential service to all enrolled students. We encourage you to contact the Counselling service on 8313 5663 to make an appointment to deal with any issues that may be affecting your study and life. More information is available at https://www.adelaide.edu.au/counselling_centre/

  • Policies & Guidelines

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

    Further information regarding the Law School Policies and Procedures in relation to Supplementary Assessment, Extensions, and Remarks etc can be found at:

    https://unified.adelaide.edu.au/group/law-school/policies-and-procedures


    Academic Honesty

    Academic dishonesty is a serious act of academic misconduct. All students must be familiar with the University’s
    Academic Honesty Policy.

    Academic dishonesty is a serious matter and is treated as such by the Law School and the University. Academic
    dishonesty (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 honesty 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.

The University of Adelaide is committed to regular reviews of the courses and programs it offers to students. The University of Adelaide therefore reserves the right to discontinue or vary programs and courses without notice. Please read the important information contained in the disclaimer.