Promoting an optimal corporate rescue culture in Australia: The role and efficacy of the voluntary administration regime
Files
(Library staff access only)
Date
2022
Authors
Harris, Jason Robert
Editors
Advisors
Brown, David
Symes, Christopher
Symes, Christopher
Journal Title
Journal ISSN
Volume Title
Type:
Thesis
Citation
Statement of Responsibility
Conference Name
Abstract
Voluntary administration was introduced in Australian corporate insolvency law almost
30 years ago as a procedure for restructuring the debts of companies that are in
financial distress in order to attempt to save the business, a process known as
‘corporate rescue’. At one time, voluntary administration was the most popular form of
corporate insolvency appointment in Australia, but in recent years the number of
voluntary administrations has declined substantially. Concerns have been expressed
about its efficacy and whether law reform is needed to better facilitate corporate
rescues in Australia.
This thesis considers whether Voluntary Administration, under Part 5.3A of the
Corporations Act has achieved its stated purpose and whether it promotes an optimal
corporate rescue culture in Australia. The thesis includes an empirical study of the first
25 years of voluntary administration to assist in identifying what features of voluntary
administration, if any, may hinder its ability to achieve its statutory objectives and
facilitate corporate rescues in Australia. The thesis argues that voluntary
administration has largely achieved its stated statutory purposes and provides a useful
and broadly supported tool for corporate rescue in Australia, but not an optimal
framework for corporate rescue. The thesis suggests several potential law reform
measures based on the empirical data that could enable the procedure to better
promote an optimal corporate rescue culture in Australia.
School/Discipline
Adelaide Law School
Dissertation Note
Thesis (Ph.D.) -- University of Adelaide, Adelaide Law School, 2022
Provenance
This thesis is currently under embargo and not available.