Footnotes

CHAPTER 1 - Introduction

[1]        Note: previously, pursuant to the resolution of the Senate of 13 May 2010 referring time critical bills to legislative and general purpose standing committees, the provisions of the Bill were referred to the Senate Economics Legislation Committee. On 3 June 2010, following consideration of the Bill, this committee determined that there were no substantive matters that required examination.

[2]        Sons of Gwalia Ltd v Margaretic (2007) 231 CLR 160.

[3]        Corporations and Markets Advisory Committee, Shareholder Claims Against Insolvent Companies: Implications of the Sons of Gwalia decision, December 2008, p. 5.

[4]        Houldsworth v City of Glasgow Bank (1880) 5 AC 317.

[5]        Corporations and Markets Advisory Committee, Shareholder Claims Against Insolvent Companies: Implications of the Sons of Gwalia decision, December 2008, p. 63.

[6]        Corporations and Markets Advisory Committee, Shareholder Claims Against Insolvent Companies: Implications of the Sons of Gwalia decision, December 2008, p. 64.

[7]        The Hon. Chris Bowen MP, Minister for Financial Services, Superannuation and Corporate Law, and Minister for Human Services, 'Corporate Insolvency Reform Package', Media Release No. 004, 19 January 2010.

[8]        The Hon. Chris Bowen MP, Minister for Financial Services, Superannuation and Corporate Law, and Minister for Human Services, 'Draft Legislation to Reverse Sons of Gwalia Released', Media Release No. 035, 23 April 2010.

[9]        EM, p. 3.

[10]      EM, p. 3. Also see the Hon. Chris Bowen MP, Minister for Financial Services, Superannuation and Corporate Law, and Minister for Human Services, 'Legislation Reversing Sons of Gwalia Introduced into Parliament', Media Release No. 064, 2 June 2010.

CHAPTER 2 - OVERVIEW OF THE BILL

[1]        Section 169 of the Corporations Act sets out the general requirements for a register of company members.

[2]        EM, p. 7. Houldsworth v City of Glasgow Bank (1880) 5 App Cas 317.

[3]        EM, p. 7.

[4]        EM, pp 3-4.

CHAPTER 3 - KEY ISSUES

[1]        Corporations and Markets Advisory Committee, Shareholder Claims Against Insolvent Companies: Implications of the Sons of Gwalia decision, December 2008, p. 63.

[2]        Chartered Secretaries Australia, Submission 1, p. 1.

[3]        Chartered Secretaries Australia, Submission 1, p. 3.

[4]        EM, p. 8.

[5]        Australian Financial Markets Association, Submission 4, p. 3.

[6]        Mr Robert McKenzie, Proof Committee Hansard, 26 October 2010, pp 1-2.

[7]        Chartered Secretaries Australia, Submission 1, p. 3.

[8]        Sons of Gwalia v Margaretic (2007) 231 CLR 160, per Gleeson CJ at 185.

[9]        IMF Australia, Submission 6, p. 6.

[10]      Recoveries and Litigation Support, Submission 2, p. 2.

[11]      EM, p. 16.

[12]      IMF Australia, Submission 6, p. 18.

[13]      EM, p. 15.

[14]      Australian Financial Markets Association, Submission 4, p. 1.

[15]      Australian Financial Markets Association, Submission 4, p. 2.

[16]      Australian Financial Markets Association, Submission 4, p. 4.

[17]      Australian Financial Markets Association, Submission 4, p. 3.

[18]      Australian Financial Markets Association, Submission 4, p. 5.

[19]      Chartered Secretaries Australia, Submission 1, p. 2.

[20]      Chartered Secretaries Australia, Submission 1, p. 5.

[21]      IMF Australia, Submission 6, p. 2.

[22]      IMF Australia, Submission 6, p. 11.

[23]      IMF Australia, Submission 6, p. 21.

[24]      EM, p. 16.

[25]      Recoveries and Litigation Support, Submission 2, p. 1.

[26]      Recoveries and Litigation Support, Submission 2, p. 2.

[27]      IMF Australia, Submission 6, p.14.

[28]      Insolvency Practitioners Association, Submission 5, p. 2. ION Limited, in the matter of ION Limited (Subject to Deed of Company Arrangment) [2010] FCA 1119.

[29]      Chartered Secretaries Australia, Submission 1, p. 4.

[30]      Mr Robert McKenzie, LCA, Proof Committee Hansard, 26 October 2010, pp 1-2.

[31]      EM, p. 16.

[32]      IMF Australia, Submission 6, p. 16.

[33]      IMF Australia, Submission 6, p. 6.

[34]      IMF Australia, Submission 6, p. 7.

[35]      Insolvency Practitioners Association, Submission 5, p. 1.

[36]      Insolvency Practitioners Association, Submission 5, p.1.

[37]      Insolvency Practitioners Association, Submission 5, p.2.

[38]      Law Council of Australia, Corporations Committee, Submission 3, pp 1-2.

[39]      Treasury, Answer to question on notice provided 4 November 2010, p. 2.

[40]      Treasury, Additional information provided 12 November 2010, p. 2.

[41]      Law Council of Australia, Submission 3, supplementary submission, p. 2. Italics in submission.

[42]      Law Council of Australia, Submission 3, supplementary submission, p. 2. Italics in submission. Section 553 of the Corporations Act outlines debts or claims that are provable in a winding up process.

[43]      Mr Robert McKenzie, LCA, Proof Committee Hansard, 26 October 2010, p. 2.

[44]      Law Council of Australia, Submission 3, supplementary submission, p. 2. Italics in original.

[45]      Treasury, Answer to question on notice provided 4 November 2010, p. 2.

[46]      Treasury, Additional information provided 12 November 2010, p. 1.

[47]      Law Council of Australia, Submission 3, supplementary submission, p. 2. Italics in submission.

[48]      Treasury, Answer to question on notice provided 4 November 2010, p. 2.

[49]      Treasury, Additional information provided 17 November 2010, p. 1.

[50]      Allen Arthur Robinson, Submission 7, p. 5.

[51]      Treasury, Answer to question on notice provided 4 November 2010, p. 5.

[52]      Treasury, Answer to question on notice provided 4 November 2010, p. 5.

[53]      Law Council of Australia, Corporations Committee, Submission 3, p. 2.

[54]      Law Council of Australia, Corporations Committee, Submission 3, p. 2.

[55]      Treasury, Answer to question on notice provided 4 November 2010, p. 3.

[56]      Treasury, Additional information provided 12 November 2010, p. 2.

[57]      Law Council of Australia, Submission 3, supplementary submission, p. 3.

[58]      Law Council of Australia, Submission 3, supplementary submission, p. 3.

[59]      Ms Barbara Gordon, LCA, Proof Committee Hansard, 26 October 2010, p.3.

[60]      Treasury, Answer to question on notice provided 4 November 2010, p. 3.

[61]      Treasury, Additional information provided 12 November 2010, p. 2.

[62]      P.Redmond, Companies and Securities Law: Commentaries and Materials, Fifth Edition, Thomson Reuters, Prymont, 2009, p. 122.

[63]      P.Redmond, Companies and Securities Law: Commentaries and Materials, Fifth Edition, Thomson Reuters, Prymont, 2009, p. 122.

[64]      Treasury, Answer to question on notice provided 4 November 2010, p. 3.

[65]      P.Redmond, Companies and Securities Law: Commentaries and Materials, Fifth Edition, Thomson Reuters, Prymont, 2009, p. 130.

[66]      Law Council of Australia, Corporations Committee, Submission 3, supplementary submission, p. 6.

[67]      Ms Barbara Gordon, LCA, Proof Committee Hansard, 26 October 2010, p. 3.

[68]      Law Council of Australia, Corporations Committee, Submission 3, supplementary submission, p. 5.

[69]      Ms Barbara Gordon, LCA, Proof Committee Hansard, 26 October 2010, pp 4-5.

[70]      Law Council of Australia, Submission 3, supplementary submission, p. 5.

[71]      Law Council of Australia, Submission 3, supplementary submission, p. 6.

[72]      Insolvency Practitioners Association, Submission 5, p. 2.

[73]      Treasury, Answer to question on notice provided 4 November 2010, p. 3.

[74]      Treasury, Answer to question on notice provided 4 November 2010, p. 3.

[75]      Treasury, Answer to question on notice provided 4 November 2010, p. 6.

[76]      Treasury, Additional information provided 12 November 2010, p. 2.

[77]      Allens Arthur Robinson, Submission 7, p. 5.

[78]      Treasury, Answer to question on notice provided 4 November 2010, p. 5.

[79]      Allens Arthur Robinson, Submission 7, p. 2. Underlining in original.

[80]      Allens Arthur Robinson, Submission 7, p. 3.

[81]      Allens Arthur Robinson, Submission 7, p. 4.

[82]      Insolvency Practitioners Association, Submission 5, p. 2.

[83]      Australian Financial Markets Association, Submission 4, p. 5.

[84]      EM, p. 3.

[85]      Treasury, Answer to question on notice provided 4 November 2010, p. 5.

[86]      IMF Australia, Submission 6, p. 21.

[87]      Australian Financial Markets Association, Submission 4, p. 4.

[88]      Insolvency Practitioners Association, Submission 5, p.1