Legal and accounting regulatory framework for corporate groups: implications for insolvency in group operations

Article


Wyatt, Anne and Mason, Rosalind. 1998. "Legal and accounting regulatory framework for corporate groups: implications for insolvency in group operations." Company and Securities Law Journal. 16 (6), pp. 424-450.
Article Title

Legal and accounting regulatory framework for corporate groups: implications for insolvency in group operations

ERA Journal ID33209
Article CategoryArticle
AuthorsWyatt, Anne (Author) and Mason, Rosalind (Author)
Journal TitleCompany and Securities Law Journal
Journal Citation16 (6), pp. 424-450
Number of Pages27
Year1998
Place of PublicationSydney, Australia
ISSN0729-2775
Web Address (URL)http://www.westlaw.com.au
Abstract

This article takes a cross-disciplinary approach to examine how the current legal and accounting regulatory frameworks present problems for an equitable, orderly administration
of the insolvent company within a corporate group. It is proposed that the Australian legal and accounting frameworks do not provide specific, systematic solutions for ongoing operation of corporate groups and also their administration in liquidation. Further, that corporate, legal and accounting regulation are closely intertwined but lack consonance. The discrepancies between legal and accounting regulation have an adverse impact on the
relevance and usefulness of financial information, particularly when insolvency strikes. Suggested reforms include explicit recognition of corporate groups in the Corporations Law, joint development of common precepts within law and accounting regulation, and statutory
provisions facilitating a group solution in the event of insolvency.

Keywordsbankruptcy; insolvent; Australia
ANZSRC Field of Research 2020480103. Corporations and associations law
350101. Accounting theory and standards
350102. Auditing and accountability
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Byline AffiliationsSchool of Accounting, Economics and Finance
School of Law
Institution of OriginUniversity of Southern Queensland
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