http://www.smh.com.au/business/picking-up-the-pieces-after-the-co...

http://www.smh.com.au/business/picking-up-the-pieces-after-the-collapse-20130913-2tq3x.html

(STILL).......

Picking up the pieces after the collapse

Date September 14, 2013

Read more: http://www.smh.com.au/business/picking-up-the-pieces-after-the-collapse-20130913-2tq3x.html#ixzz2f2AyMy00


picking out one piece....
"But for Zwier, there is too much focus apportioning blame after the collapse and not enough on taking measures to save companies - and jobs - at the moment of crisis.

''In Australia there is always this element in corporate failure of pointing the finger at someone for the failure. Often we publicly examine the directors. We hold [them] up to ridicule and contempt in the media for the failure. All of that is part of the cultural problem with our insolvency administrations: they are perceived to reflect failure and not rehabilitation.''

He says insolvency laws have the capacity to paralyse boards faced with the possibility of collapse, putting them in an ''impossible position of conflict because what might be best for the creditors .hs.. might not be best for the directors''.

''The minute they get into financial difficulty and they have short-term obligations that they may not be able to meet, solvency becomes the biggest single issue which the board focuses on,'' he says.

''The definition in the Corporations Act is wholly inadequate - it's something like this: if the company is not solvent then it is insolvent.

''Our insolvent trading laws are so draconian that some workouts might have failed because of those laws.''ends

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lending is so powerful,imo. and not lending is more powerful....