University of Technology Sydney

78605 ARITA Fundamentals of Restructuring, Insolvency & Turnaround

Warning: The information on this page is indicative. The subject outline for a particular session, location and mode of offering is the authoritative source of all information about the subject for that offering. Required texts, recommended texts and references in particular are likely to change. Students will be provided with a subject outline once they enrol in the subject.

Subject handbook information prior to 2024 is available in the Archives.

UTS: Law
Credit points: 6 cp
Result type: Grade and marks


This subject forms part of the Australian Restructuring Insolvency & Turnaround Association (ARITA) Advanced Certification program. It provides the foundation for restructuring and insolvency professionals by establishing the importance of professional conduct, builds the skills to identify insolvency and establishes a solid understanding of Australia’s formal restructuring tools. A particular focus is on professional ethics and voluntary administration. An introduction to cross-border insolvency and the Personal Property Securities Act 2009 (Cth) is also provided.

Subject learning objectives (SLOs)

Upon successful completion of this subject students should be able to:

1. Business restructuring and turnaround law: Demonstrate specialised legal knowledge relating to restructuring, turnaround and insolvency of Australian businesses including regulatory approaches and recent developments; and apply their understanding in various specialised contexts;
2. Reflective and ethical approach: Recognise, reflect upon and respond to ethical issues arising in business restructuring and turnaround situations in ways that show evidence of accountability and professional judgment;
3. Stakeholder accountability: Think critically about issues relating to business restructuring and turnaround law and policy to generate and evaluate appropriate responses to hypothetical problems, taking into consideration a range of stakeholders with an interest in the restructuring and turnaround efforts;
4. Factual legal policy issues: Research, identify, evaluate and synthesise factual, legal and policy issues arising in a range of business restructuring and turnaround contexts.

Teaching and learning strategies

Strategy 1 – Online learning

This subject uses Canvas, an online learning management system. Via Canvas, students will be provided with reading and reference material for each Module as well as assessment instructions, online portals for submitting assessment tasks, and discussion boards. Students can access material for self-directed learning and engage in participant-led discussion on key topics. Short podcast and screencast recordings on key themes and topics will be provided for each Module. Comprehensive summary and reading guides will be provided for each Module.

Strategy 2 – Webinars

Students will participate in four webinars with the Subject Coordinator. This will provide an opportunity to discuss problems and issues with material covered in the previously-studied topics. Webinars will consider one or more problem-based scenarios based on material covered in topics previously studied. A recording of each webinar will be posted on Canvas.

Strategy 3 – Interdisciplinary content

This subject will draw on materials from law, accounting, finance and management although the majority of content will feature an analysis of the legal and regulatory framework for restructuring, insolvency and turnaround. In some topics there will be examples and questions that will require some basic knowledge of accounting and finance concepts.

Strategy 4 – Case study analysis

Students will consider a range of practical case studies throughout the subject that will provide practical contextual material to each week’s topic.

Strategy 5 – Ethics hypothetical

In order to successfully complete this subject, students must pass Assessment task 1: Ethics essay. This involves students preparing a written analysis of a posed hypothetical scenario that gives rise to ethical issues and ambiguities.

Strategy 6 – Problem-based learning

Each topic in this subject involves the consideration of legal, accounting, finance and management issues through the discussion of hypothetical problems. This will allow students to apply their knowledge to common, practice-based hypothetical scenarios. Scenarios will be discussed and analysed in the online webinars and the problem-based assignment (Assessment task 2), which will serve to develop students’ problem-solving skills that will be applied in the take-home exam (Assessment task 3).

Content (topics)

  • The context of restructuring, turnaround and insolvency in Australia
  • An introduction to the Personal Property Securities Act 2009 (Cth)
  • Professional ethics
  • Establishing solvency and insolvency (in context)
  • Voluntary administration (including an introduction to corporate recovery proceedings) and deeds of company arrangement
  • Schemes of arrangements
  • Workouts and restructuring
  • An introduction to cross-border insolvency


Assessment task 1: Ethics essay


This task addresses the following subject learning objectives:

1, 2, 3 and 4

Weight: 15%
  • Demonstrated understanding of professional standards, professionalism, ethical decision-making (including ethics theory), legal perspectives, the distinction(s) between these concepts and their application to the scenario;
  • Depth and scope of application of relevant literature and resources provided on Canvas in Weeks 2 and 3 (including ethics theory); thoughtful and considered analysis of the ethical and practical issues raised by the scenario;
  • Quality of written expression, persuasive arguments/contentions, appropriate citation and attribution of relevant literature and sources; provision of bibliography

Assessment task 2: Problem-based assignment


This task addresses the following subject learning objectives:

1, 2, 3 and 4

Weight: 35%
  • Identification of relevant legal, commercial and practical issues;
  • Correct application of the law and legal principles to the facts; providing advice that is legally correct, practicable and commercially sound;
  • Clarity and quality of written expression; appropriate and correct citation of relevant statutes, case law and secondary sources.

Assessment task 3: Take home exam


This task addresses the following subject learning objectives:

1, 2, 3 and 4

Weight: 50%
  • Identification of relevant legal issues raised by the problem-based questions
  • Accurate and relevant application of relevant law and professional standards to the facts in the problems
  • Consideration of commercial and practical issues
  • Clarity of analysis and persuasiveness of argument