Key Documents
The Minister for Revenue and Financial Services has released draft legislation of amendments to the Corporations Act 2001 (Corporations Act) and Bankruptcy Act 1966 (Bankruptcy Act) to refine aspects of the Insolvency Law Reform Act 2016 (Reform Act).
The Reform Act amended the Corporations Act and the Bankruptcy Act, making changes to corporate and personal insolvency law. In order to lower compliance costs for insolvency practitioners and companies under administration and to avoid potential disruption to the Fair Entitlements Guarantee (FEG) Recovery Program, the Government is proposing to improve amendments made by the Reform Act, prior to its second stage of commencement on 1 September 2017.
Interested parties are invited to make a submission regarding the draft legislation by 17 May 2017.