This consultation process has now been completed.
Date
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Key Documents
The Insolvency Law Reform Act 2016 (the Act) received Royal Assent on 28 February 2016.
A number of legislative instruments are required to give full effect to the Act, namely the:
- Insolvency Practice Rules (Corporations) 2016, which provides a range of rules regarding the external administration of companies and the registration and discipline of external administrators;
- Insolvency Practice Rules (Bankruptcy) 2016, which provides a range of rules regarding the external administration of private individuals and the registration and discipline of bankruptcy trustees;
- Corporations and Other Legislation Amendment (Insolvency Law Reform) Regulation 2016, which amends the Bankruptcy Regulations 1996, Corporations Regulations 2001 and other relevant regulations consequential on the Insolvency Practice Rules. This instrument also provides for the partial delay of the corporate law amendments under the Act;
- Insolvency Law Reform (Transitional Provisions) Regulation 2016, which provides for the partial delay of the personal insolvency amendments under the Act; and
- Corporations (Fees) Amendment Regulation 2016, which allows for the change of fees required due to the Insolvency Practice Rules (Corporations) 2016.
The community’s views are sought on the proposed legislative instruments.