On 2 June 2011 the Parliamentary Secretary to the Treasurer and Attorney-General jointly released an options paper, 'A Modernisation and Harmonisation of the Regulatory Framework Applying to Insolvency Practitioners in Australia'.
The Options Paper examines reforms to address possible misconduct in the insolvency profession and to improve the value for money for recipients of insolvency services. It seeks to achieve these reforms by ensuring that the framework for insolvency practitioners:
- promotes a high level of professionalism and competence by practitioners;
- promotes market competition on price and quality;
- promotes increased efficiency in insolvency administration; and
- enhances communication and transparency between stakeholders.