A review of Deeds of Company Arrangement

Deeds of company arrangement ('DOCAs') under Part 5.3A of the Corporations Act appear be something of a limited success. However, the use and outcomes of DOCAs raise legitimate questions as to whether the level of returns currently being achieved for creditors might be improved by legislative reform. The 2013 ARITA Terry Taylor Scholarship project entailed a review of a random sample of executed DOCAs effectuated between 1 August 2012 and 31 July 2013. This review was undertaken with the intention of producing a ‘snapshot’ of current trends and outcomes of the use of DOCAs in practice – ie, average (or typical) rates of dividends paid, what DOCAs customarily achieve, the profile of the companies executing DOCAs and the average duration of DOCAs. The purpose of this review was to empirically assess the use and effectiveness of DOCAs in order to inform the ongoing debate about the success or otherwise of Australia’s Part 5.3A voluntary administration regime (which recently marked its 20 year anniversary).

A sample review of Deeds of Company Arrangement under Part 5.3A of the Corporations Act

An empirical review of the operation of Part 5.3A of the Corporations Act 2001 (Cth) is timely given that Australia’s corporate rescue regime marked its 20 year anniversary in 2013. The research project culminating in this report was funded by the 2013 ARITA Terry Taylor Scholarship and entailed a review of a random sample of 72 executed DOCAs (and associated reports and returns) which were effectuated between 1 August 2012 and 31 July 2013. This sample review of DOCAs was undertaken with the intention of producing a ‘snapshot’ of current practices and trends pertaining to DOCAs – ie, average (or typical) rate of dividends paid, the outcomes or goals which DOCAs customarily achieve (eg, genuine company rescues, workouts, enhanced asset realisations or ‘quasi-liquidations’), the profile of the companies executing DOCAs and the average term/duration of DOCAs. The purpose and value of this sample review was to empirically assess the use and effectiveness of one important aspect of Part 5.3A and to further inform consideration and debate as to whether changes are warranted to Australia’s voluntary administration regime.

Turning points, power transfer, and frequency response of mode transitions in RF plasmas

Turning points for transitions between the electrostatic and electromagnetic discharge modes in low-frequency (∼ 500 kHz) inductively coupled plasmas have been identified and cross-referenced using time-resolved measurements of the plasma optical emission intensities, RF coil current, and ion saturation current collected by a single RF-compensated Langmuir probe. This enables one to monitor the variation of the plasma parameters, power transfer efficiency, which accompany the discharge hysteresis. The excitation conditions for the pure and hybrid modes in the plasma are considered, and the possibility of the TMmnl → TEm'n'l' transitions at higher frequencies are discussed.

Two-surface wave decay : controlling power transfer in plasma-surface interactions

Controlled interaction of high-power pulsed electromagnetic radiation with plasma-exposed solid surfaces is a major challenge in applications spanning from electron beam accelerators in microwave electronics to pulsed laser ablation-assisted synthesis of nanomaterials. It is shown that the efficiency of such interaction can be potentially improved via an additional channel of wave power dissipation due to nonlinear excitation of two counterpropagating surface waves, resonant excitations of the plasma-solid system.Physics.

Controlling current and voltage type interfaces in power-hardware-in-the-loop simulations

The usual practice to study a large power system is through digital computer simulation. However, the impact of large scale use of small distributed generators on a power network cannot be evaluated strictly by simulation since many of these components cannot be accurately modelled. Moreover, the network complexity makes the task of practical testing on a physical network nearly impossible. This study discusses the paradigm of interfacing a real-time simulation of a power system to real-life hardware devices. This type of splitting a network into two parts and running a real-time simulation with a physical system in parallel is usually termed as power-hardware-in-the-loop (PHIL) simulation. The hardware part is driven by a voltage source converter that amplifies the signals of the simulator. In this paper, the effects of suitable control strategy on the performance of PHIL and the associated stability aspects are analysed in detail. The analyses are validated through several experimental tests using an real-time digital simulator.

Magnetic fields and uniformity of radio frequency power deposition in low-frequency inductively coupled plasmas with crossed internal oscillating currents

Radial and axial distributions of magnetic fields in a low-frequency (∼460 kHz)inductively coupled plasmasource with two internal crossed planar rf current sheets are reported. The internal antenna configuration comprises two orthogonal sets of eight alternately reconnected parallel and equidistant copper litz wires in quartz enclosures and generates three magnetic (H z, H r, and H φ) and two electric (E φ and E r) field components at the fundamental frequency. The measurements have been performed in rarefied and dense plasmas generated in the electrostatic(E) and electromagnetic (H)discharge modes using two miniature magnetic probes. It is shown that the radial uniformity and depth of the rf power deposition can be improved as compared with conventional sources of inductively coupled plasmas with external flat spiral (“pancake”) antennas. Relatively deeper rf power deposition in the plasma source results in more uniform profiles of the optical emission intensity, which indicates on the improvement of the plasma uniformity over large chamber volumes. The results of the numerical modeling of the radial magnetic field profiles are found in a reasonable agreement with the experimental data.

Strategic entry deterrence : does it constitute a misuse of market power?

A challenge for regulators and the courts has been establishing the boundary between behaviour is exclusionary and should be condemned under s 46 of the then Trade Practices Act 1974 (Cth) (TPA), now s 46 of the Competition and Consumer Act 2010 (Cth) (CCA), and behaviour that is not exclusionary and might even be pro-competitive. This boundary can be especially difficult to draw in the case of entry deterring strategies. Section 46(1) prohibits corporations with a substantial degree of market power from taking advantage of that market power for one of the statutorily proscribed purposes which include preventing the entry of a person into that or any other market. Section 45(2) separately prohibits corporations from making and giving effect to contracts arrangements and understandings that have the purpose, effect or likely effect of substantially lessening competition in a market. The latest case in which the ACCC has failed to satisfy the s 46 criteria is the decision of Greenwood J in ACCC v Cement Australia Pty Ltd [2013] FCA 909 (Cement Australia case). Final orders were published in a separate judgment, in ACCC v Cement Australia Pty Ltd [2014] FCA 148 (28 February 2014). The case concerned an entry deterring strategy, namely the pre-emptive buying of input factors in an upstream market to protect an incumbent with substantial market power in a downstream market and to prevent new entry in the downstream market. Greenwood J found that while Cement Australia Pty Ltd, formerly known as Queensland Cement Ltd (QCL), had substantial market power, its conduct in entering into the pre-emptive contracts was not a contravention of s 46, because Cement Australia had not “taken advantage” of its market power. However, since Cement Australia’s purpose in entering into the pre-emptive contracts was anti-competitive, they were held to contravene s 45(2) of the TPA. The purpose of this Note is to consider only the reasons for judgment in the Cement Australia case in relation to the “taking advantage” element. The judgment was handed down on 10 September 2013. The final hearing date was 15 July 2011, so it was long-awaited. At 714 pages, it is carefully drafted.

An improved gate driver for power MOSFETs using a cascode configuration

To overcome the limitations of existing gate drive topologies an improved gate drive concept is proposed to provide fast, controlled switching of power MOSFETs. The proposed topology exploits the cascode configuration with the inclusion of an active gate clamp to ensure that the driven MOSFET may be turned off under all load conditions. Key operating principles and advantages of the proposed gate drive topology are discussed. Characteristic waveforms are investigated via simulation and experimentation for the cascode driver in an inductive switching application at 375V and 10A. Experimental waveforms compared well with simulations with long gate charging delays (including the Miller plateau) being eliminated from the gate voltage waveform.

Legislative impact on the mortgagee’s exercise of power of sale : the need for rationalisation

Throughout Australia, regulation of the power of sale is highly inconsistent. In response to the uncertain nature of the mortgagee’s duty at common law, many legislatures have intervened. As a result, there has been a proliferation of statutory formula conferring varying degrees of protection on mortgagors. The differences in approach indicate a lack of consensus as to the best method of regulation. This article exposes the extent of the inconsistency and provides a comparative assessment of the various provisions with reference to the policy concerns that underpin legislative intervention. The article identifies a number of deficiencies associated with existing provisions and concludes that mortgagees and mortgagors alike would benefit from improved clarity and consistency. To that end, the article proposes a model provision that seeks to address the deficiencies identified.

3D CFD simulations of a candidate R143a radial-inflow turbine for geothermal power applications

Optimisation of Organic Rankine Cycles (ORCs) for binary cycle applications could play a major role in determining the competitiveness of low to moderate renewable sources. An important aspect of the optimisation is to maximise the turbine output power for a given resource. This requires careful attention to the turbine design notably through numerical simulations. Challenges in the numerical modelling of radial-inflow turbines using high-density working fluids still need to be addressed in order to improve the turbine design and better optimise ORCs. This paper presents preliminary 3D numerical simulations of a radial-inflow turbine working with high-density fluids in realistic geothermal ORCs. Following extensive investigation of the operating conditions and thermodynamic cycle analysis, the refrigerant R143a is chosen as the high-density working fluid. The 1D design of the candidate radial-inflow turbine is presented in details. Furthermore, commercially-available software Ansys-CFX is used to perform the 3D CFD simulations for a number of operating conditions including off-design conditions. The real-gas properties are obtained using the Peng-Robinson equations of state. The preliminary design created using dedicated radial-inflow turbine software Concepts-Rital is discussed and the 3D CFD results are presented and compared against the meanline analysis.

Dispersion of corona ions downwind from a high-voltage power line

Corona discharge is responsible for the small ions found near overhead power lines, and these are capable of modifying the ambient electrical environment such as the dc electric field at ground level (Fews, Wilding et al. 2002). Once produced, small ions quickly attach to aerosol particles in the air, producing ‘large ions’ which are roughly 1 nm to 1 µm in diameter. However, very few studies have reported measurements of ions produced by power lines and its impact on particle charge concentrations. In this present study, the measurements were conducted as a function of normal downwind distance from a 275kV power line for investigating the effect of corona ions on air ions, aerosol particle charge concentration and dc e-filed.

Influence and increased funding in Canadian public libraries : the case of Alberta in fiscal year 2009–10

This exploratory case study examined the role of social influence in the decision-making process to increase public library funding in the Canadian province of Alberta in the 2009–10 fiscal year. Using Robert Cialdini’s theory of factors of influence (i.e., commitment and consistency, authority, liking, social proof, scarcity, and reciprocity) as a framework for analysis, findings show that consistency and commitment and authority were relevant and that liking was also important. These findings are consistent with Cialdini’s theory, which suggests that the quality of relationships is one factor that can most strongly influence a decision maker. This study gives insight into the factors motivating those involved in public library funding allocation decisions. No prior studies have examined the construct of influence in decision making about funding for public libraries at any level of government.

The role of interpersonal influence in budget decision making: The Canadian public library experience

This study determined factors which influenced Canadian provincial (state) politicians when making funding decisions for public libraries. Using the case study methodology, Canadian provincial/state-level funding for public libraries in the 2009-2010 fiscal year was examined. The data were analyzed to determine whether Cialdini’s theory of influence and specifically any of the six tactics of influence (i.e., commitment and consistency, authority, liking, social proof, scarcity, and reciprocity) were instrumental in these budgetary decision-making processes. Findings show the principles of “authority,” “consistency and commitment,” and “liking” were relevant, and that “liking” was especially important to these decisions.

Controller synthesis of a bidirectional inductive power interface for electric vehicles

Bidirectional Inductive Power Transfer (IPT) systems are preferred for Vehicle-to-Grid (V2G) applications. Typically, bidirectional IPT systems consist of high order resonant networks, and therefore, the control of bidirectional IPT systems has always been a difficulty. To date several different controllers have been reported, but these have been designed using steady-state models, which invariably, are incapable of providing an accurate insight into the dynamic behaviour of the system A dynamic state-space model of a bidirectional IPT system has been reported. However, currently this model has not been used to optimise the design of controllers. Therefore, this paper proposes an optimised controller based on the dynamic model. To verify the operation of the proposed controller simulated results of the optimised controller and simulated results of another controller are compared. Results indicate that the proposed controller is capable of accurately and stably controlling the power flow in a bidirectional IPT system.

A matrix converter based Inductive Power Transfer system

Typical Inductive Power Transfer (IPT) systems employ two power conversion stages to generate a high frequency current from low frequency utility supply. This paper proposes a matrix converter based IPT system that facilitates the generation of high frequency current through a single power conversion stage. The proposed matrix converter topology transforms a 3-phase low frequency voltage system to a high frequency single phase voltage which in turn powers a series compensated IPT system. A comprehensive mathematical model is developed to investigate the behavior of the proposed IPT topology. Theoretical results are presented in comparison to simulations, which are performed in Matlab/ Simulink, to demonstrate the applicability of the proposed concept and the validity of the developed model.