On 14 December 2011 the Parliamentary Secretary to the Treasurer and Attorney-General jointly released a proposals paper, 'A Modernisation and Harmonisation of the Regulatory Framework Applying to Insolvency Practitioners in Australia'.
The Proposals Paper sets out a framework for corporate and personal insolvency regulation that promotes a high level of practitioner professionalism and competency, enhances transparency and communication between insolvency practitioners and stakeholders, and promotes increased efficiency in insolvency administration.