The Parliamentary Secretary to the Treasurer and the Attorney-General have released an exposure draft of the primary amendments to be included in the Insolvency Law Reform Bill. This Bill implements reforms previously released in the proposals paper, A modernisation and harmonisation of the regulatory framework applying to insolvency practitioners in Australia.
The proposed amendments are designed to provide a framework for corporate and personal insolvency regulation that promotes a high level of practitioner professionalism and competency, enhances transparency and communication between insolvency practitioners and stakeholders, and promotes increased efficiency in insolvency administration.
A second tranche of the Bill is expected to be released shortly setting out further consequential amendments to the corporate and personal insolvency legislation as a result of these reforms, along with transitional measures. Draft regulations will also be released shortly for public consultation.