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.

List of Trust Deeds signed by S.D. Woodruff, 1899

List of trust deeds (one page handwritten) and request to the sons of Samuel D. Woodruff to grant and allow on 2nd and 3rd trusts the amounts as allowed to Mr. Woodruff and his wife Jane. This is signed by S.D. Woodruff, June 20, 1899.

List of Records of Deeds for Graves, St. Catharines

1 handwritten list of records of deeds for graves in the public cemetery of St. Catharines including: Deed no.133 between the Rector of St. George’s Church in St. Catharines and Samuel DeVeaux Woodruff for 480 square feet in section P. Deed no. 134 between the Rector and church wardens of St. George’s Church and Anne S. Sanderson for 208 square feet in section P and Deed no. 1235 between the City Council of St. Catharines and Samuel D. Woodruff for 336 square feet in section P, 1861, 1883.

List (4 pages, handwritten) of lands in the counties of Lincoln and Welland for which the Sherriff has made new deeds

List (4 pages, handwritten) of lands in the counties of Lincoln and Welland for which the Sherriff has made new deeds, n.d.

Our martyred president... Memorial life of William Mckinley... Together with a full history of anarchy and its infamous deeds

UANL

Do good deeds make bad people?

According to the so-called ‘self-licensing effect’, committing to a virtuous act in a preceding choice may lead to behave less virtuously in the succeeding decision. Consequently, well-intentioned policies can lead to overall counter-productive effects by licensing people to behave badly in related behaviors. On the other side, motivational crowding theory argues that constraining people to adopt a desirable behavior can backfire. We use of a classroom experiment to test whether a regulatory framework to incentivize individuals to adopt pro-environmental behavior generate similar spillovers in terms of licensing effect than a non-regulatory framework. We show that the way the good deed is caused doesn’t seem to influence the licensing effect. Nevertheless, we found that business- and environmental-orientated majors react adversely to the regulatory framework. We show that environmental-orientated students exhibit higher intrinsically motivations than business-orientated ones. Accordingly, we suggest that the licensing effect is more likely to arise when the preceding ‘virtuous’ act is freely chosen (respectively regulatory caused) for non-intrinsically (respectively intrinsically) motivated individuals.