Voidable preference reform: a New Zealand perspective on shifting standards and goalposts
Bibliographic record
Abstract
Abstract While there is consensus that some form of avoiding power is required in the context of a bankruptcy or company liquidation, there is little agreement on the means to implement a voidable preference regime. The New Zealand experience of the past eight years illustrates the inherent difficulties in designing a workable voidable preference regime. The New Zealand Companies Act 1993 replaced the debtor's intention with a test premised on the overall effect of the transaction with an exception for transactions in the ordinary course of business. The ordinary course of business exception became the most litigated and controversial aspect of the 1993 reforms and recently the government has announced its intention to abandon the ordinary course safe harbour in the pending round of insolvency reform. The paper examines the origins of the 1993 reforms and offers an explanation for the failure of the effects based regime. The New Zealand regime placed too much power in the hands of the liquidator with the result that creditors bore the cost and burden of justifying why the transaction should be saved. Although Parliament enacted the effects based regime with a view to promoting better equality of treatment amongst creditors the regime failed because it achieved too much equality. Copyright © 2003 John Wiley & Sons, Ltd.
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How this classification was reachedexpand
Full frame distilled prediction
Teacher imitationNot calibrated prevalence, not ground truth. Human validation pending. Learned from the 10,348 direct Codex labels and 10,348 direct Gemma labels. Candidate is the union of thresholded teacher heads; consensus is their intersection. These outputs are machine_predicted_unvalidated and are not human labels or direct frontier model labels.
Codex and Gemma teacher scores by category
| Category | Codex | Gemma |
|---|---|---|
| Metaresearch | 0.001 | 0.001 |
| Meta-epidemiology (narrow) | 0.000 | 0.000 |
| Meta-epidemiology (broad) | 0.000 | 0.000 |
| Bibliometrics | 0.000 | 0.000 |
| Science and technology studies | 0.000 | 0.000 |
| Scholarly communication | 0.000 | 0.001 |
| Open science | 0.000 | 0.000 |
| Research integrity | 0.000 | 0.000 |
| Insufficient payload (model declined to judge) | 0.001 | 0.000 |
Machine scores (provisional)
The two teacher heads of the student model, read on this work. A score orders the frame for review; it never asserts a category, and the validation status ships verbatim with every row.
Baseline scores from an immature model (maturity gate not passed, 7 training rounds). Scores rank; they never assert a category.
score_only:v0-immature-baseline · verbatim from the scoring run: score_only means the number may rank works, and no category label ships from itClassification
machine, unvalidatedMachine predicted; a candidate call from one teacher head, not a consensus.
How this classification was reached, model by model and score by score, is at the end of the page under "How this classification was reached".