The Australian insolvency regime revisited: a precis of the next leap forward
✍ Scribed by David Morrison; Colin Anderson
- Book ID
- 102270194
- Publisher
- John Wiley and Sons
- Year
- 2006
- Tongue
- English
- Weight
- 193 KB
- Volume
- 15
- Category
- Article
- ISSN
- 1180-0518
- DOI
- 10.1002/iir.141
No coin nor oath required. For personal study only.
✦ Synopsis
Australian corporate insolvency laws contained within Chapter 5 of the Corporations Act are currently being reviewedwith respect to four principalareas identi¢ed by Australian Government Treasury. The four themes of review include employee 'bene¢t' enhancements; seeking to deter misconduct of company o⁄cers; rules around insolvency practitioner disclosure with respect to their remuneration and related independence issues; and some minor proposed changes to the voluntary administration procedure, widely regarded as requiring only minor adjustment. At this time, the draft legislation is not available for general release and is being discussed within the Australian Government appointed Insolvency Law Advisory Group. The next steps are public comment for review of draft legislation and then operation of the legislative change. These are expected to occur in 2007. This paper seeksto outline the likely issues associatedwiththe expected reforms of theAustralian insolvency regime.