Phoenix activity is not inherently illegal but illegal phoenix activity is generally understood to be those actions, undertaken in the phoenix context, that breach laws because they involve wrongdoing. Because illegal phoenix activity continues to cause significant harm to creditors of...

This paper examines recent trends in Australian personal bankruptcy by analysing a large data set obtained from the regulator, the Australian Financial Security Authority. It demonstrates a marked decline in Australian bankruptcy rates, since a peak in 2009, and a consistent rise in levels of...

This article presents the results of a detailed comparative empirical study of sanctions imposed for insider trading in Australia, Canada (Ontario), Hong Kong, Singapore, the United Kingdom, and the United States. The comparative study is based on a dataset of a significant size, scope and...

This study is the first empirically based analysis of business bankruptcy to be conducted in Australia. It aims to identify key differences between debtors who declare business bankruptcy and those who declare non-business or “personal” bankruptcy, and to explore the extent to which there...

Directors and other officers of a company are subject to a general law duty to avoid placing themselves in a position where their personal interest conflicts with their duty to the company unless they obtain the informed consent of the company. Directors, but not other officers, are also subject...

Equity crowdfunding allows small‐to‐medium enterprises to raise funds from investors (usually contributing small amounts of money) through an internet platform operated by a third-party intermediary. A key advantage of the process is that it provides access to equity for companies that would...

Phoenix activity occurs where the business of a failed company is transferred to a second (typically newly incorporated) company and the second company's controllers are the same as the first company's controllers. Phoenix activity can cause significant harm to creditors and others. In combating...

Consumers in Australia and other developed countries are increasingly required to interact with providers of complex financial products and services, and to estimate, mitigate or absorb the risks that flow from their financial decisions. A range of debt-related problems in Australia have been...

An important issue is whether s 191 of the Australian Corporations Act 2001 (Cth) – which requires directors to disclose material personal interests – includes conflicting duties. In other words, where a director faces a conflict between duties to different entities or persons (rather than a...

While the majority of those who declare bankruptcy do so voluntarily, a significant proportion are forced into bankruptcy as a result of legal action. This paper interrogates data obtained from the Australian Financial Security Authority to explore the attributes of debtors who go bankrupt...