With the semester coming up next month I’ve been playing with ChatGPT to test out potential essay and exam topics to see what it comes up with. I’ve found its answers on US bankruptcy law are not bad (relevant cases, good at distinguishing differences between appeal circuits), but not a lot better than Wikipedia or a general Google search that brings up some law firm newsletters, and nowhere near the detail of any book on bankruptcy law. I also tested an earlier version of ChatGPT last year and the accuracy has improved a lot, so who knows how much better it will become. At present the public ChatGPT is trained on internet data up to 2021.

When I asked it questions about Australian insolvency law though, it was terrible, just flat out wrong. I asked it about when can third party releases be included in restructuring plans in Australia and it said that this was common in both DOCAs and schemes. When I asked it to refer to leading High Court and Federal Court cases, it told me the High Court in HIH and Centro confirmed third party releases in both schemes and DOCAs (neither case was a High Court case, and neither case says this specifically, although Centro does discuss the effect of a scheme on non-creditors). It also told me that the High Court in Re Fortuna Alliance Pty Ltd had confirmed the release of third party claims, but this reference seems to be to a US case. No mention of Lehman, Fowler or Opes Prime (cases relevant to the question).

All is not lost! ChatGPT is good for creating insolvency poems. I asked it to write me a poem about debt restructuring in the style of Shakespeare.

Debt restructuring poem

Upon the scales of fate, my debts did weigh

A burden heavy, an unending woe

But hope doth shine, like the break of day

And doth bring forth a chance for a new flow

With pen in hand, and mind set to reform I seek to restructure, to make anew

To lighten the load, and ease the storm

And rid myself of this debt that’s true

Gone are the days, of endless despair

For now I see a future bright

With debt restructured, and burdens laid bare

I’ll walk towards a new path, with renewed might

So if thou art burdened with debt, take heart

For restructuring brings a brand new start

And though the journey may be hard It leads to a future, where debts depart

Debt restructuring song

To bring things up to date, I thought I’d ask it to write me a song about debt restructuring in the style of Beyonce:

Verse 1:

I’ve been drownin’ in debt, can’t catch my breath

Feelin’ like I’m stuck in a never-endin’ cycle

But I won’t let it defeat me, won’t let it beat me

I’m makin’ a plan, it’s time for a new sequel

Chorus:

Debt restructuring, it’s my saving grace

Gonna take control, gonna take my place

Ain’t gonna let these numbers bring me down

I’m gonna turn it all around

Verse 2:

Been workin’ hard, tryna make ends meet

But the bills keep comin’, can’t find relief

But I won’t give up, won’t lose my faith

I’m gonna make a change, it’s not too late

Chorus:

Debt restructuring, it’s my saving grace

Gonna take control, gonna take my place

Ain’t gonna let these numbers bring me down

I’m gonna turn it all around

Bridge:

I’m not alone in this fight, we’re all in the same boat

But together we’ll rise, we’ll make a new note

We’ll write our own story, and make it shine bright

Debt restructuring, gonna make everything right

Chorus:

Debt restructuring, it’s my saving grace

Gonna take control, gonna take my place

Ain’t gonna let these numbers bring me down

I’m gonna turn it all around

ChatGPT coming to Law School?

Maybe I should ask the students to start writing their assignment answers in the style of Shakespeare or Beyonce, at least that would be fun to read!