Keay's Insolvency

"Keay's Insolvency: Personal and Corporate Law and Practice" is a comprehensive textbook on insolvency law and practice in Australia, authored by Michael Murray and Jason Harris. Here is a detailed overview of the book:

Key Themes

• Insolvency Law and Practice: The book provides a detailed explanation of both personal and corporate insolvency law, supported by case law and commentary.
• Anti-Phoenixing Laws: It covers the severe anti-phoenixing laws and the new restrictions on ipso facto termination rights, which are critical in preventing companies from avoiding their financial obligations.
• Roles of Courts and Agencies: The text explains the roles of various state and federal courts, as well as the players involved in insolvency, including trustees, liquidators, lawyers, accountants, and government agencies like ASIC and AFSA.
• Bankruptcy Notices and Winding Up: It covers the detail of bankruptcy notices and winding up demands, voidable transactions, examinations, duties of directors, and enforcement remedies.
• Reform and Restructuring: The book discusses the need for major reform of insolvency law and practice, highlighting initial structural reforms necessary to address significant gaps and deficiencies in the insolvency process. It also covers reforms related to safe harbour, ipso facto, and anti-phoenix company reforms, as well as debt agreement reforms and those resulting from the economic and social impacts of COVID-19.

Plot Summary

The book is structured to provide a thorough understanding of Australian insolvency law under the Bankruptcy Act 1966 and the Corporations Act 2001. It includes extensive case law and practice developments flowing from the changes made by the Insolvency Law Reform Act 2016 (ILRA). The text is designed to be authoritative and comprehensive, making it a go-to resource for practitioners and students in the field of insolvency.

Critical Reception

"Keay's Insolvency" is widely recognized as a leading text on personal and corporate insolvency law and practice in Australia. It is regularly cited in court and is widely used by practitioners. The book has been praised for its detailed explanations, critical analysis of the effectiveness and efficiency of the insolvency regime, and its views on the need for reform. The 11th edition, published in 2022, continues to be an essential resource for those studying and practicing in insolvency, covering all current insolvency and restructuring law and practice in Australia.

Editions and Publication

The book has been published in multiple editions, with the 11th edition being the latest. It has been approaching its 30th year of publication with this edition, reflecting its enduring relevance and authority in the field.