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Insolvency Law Reform Bill

The Parliamentary Secretary to the Treasurer and the Attorney-General have released an exposure draft of the primary amendments to be included in the Insolvency Law Reform Bill. This Bill implements reforms previously released in the proposals paper, A modernisation and harmonisation of the regulatory framework applying to insolvency practitioners in Australia.

The proposed amendments are designed to provide 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.

A second tranche of the Bill is expected to be released shortly setting out further consequential amendments to the corporate and personal insolvency legislation as a result of these reforms, along with transitional measures. Draft regulations will also be released shortly for public consultation.

Making a Submission

Interested parties are invited to comment on the exposure draft.

While submissions may be lodged electronically or by post, electronic lodgement is preferred. For accessibility reasons, please submit responses sent via email in a Word or RTF format. An additional PDF version may also be submitted.

All information (including name and address details) contained in submissions will be made available to the public on the Treasury website unless you indicate that you would like all or part of your submission to remain in confidence. Automatically generated confidentiality statements in emails do not suffice for this purpose. Respondents who would like part of their submission to remain in confidence should provide this information marked as such in a separate attachment.

Legal requirements, such as those imposed by the Freedom of Information Act 1982, may affect the confidentiality of your submission.

Closing date for submissions: Friday, 8 March 2013

Address written submissions to:

Manager
Corporate Governance and Reporting Unit
Corporations and Capital Markets Division
The Treasury
Langton Crescent
PARKES ACT 2600

For enquiries please call Charmaine Aynsley (02) 6263 3322 or Aaron Jenkinson (02) 6263 3140.

Key Documents

Make a Submission

  • Alternatively submit via post 60KB
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