The draft Bill comprises a package of proposals to amend and streamline the Bankruptcy Act 1966 and the Corporations Act 2001. The proposed amendments will:
- remove unnecessary costs and increase efficiency in insolvency administrations;
- enhance communication and transparency between stakeholders;
- promote market competition on price and quality;
- boost confidence in the professionalism and competence of insolvency practitioners; and
- remove unnecessary costs from the insolvency industry resulting in around $55.4 million per annum in compliance cost savings.