An exposure draft of the long anticipated Insolvency Law Reform Bill 2013 has been released for public comment. The Bill aims to:
- reform the law in relation to the registration, regulation and discipline of both personal and corporate insolvency practitioners;
- amend and consolidate various rules in relation to, amongst other things, the remuneration of insolvency practitioners, meetings of creditors, committees of inspection and the provision of information by insolvency practitioners during external administrations; and
- provide the corporate regulator with additional powers to assist in the regulation of insolvency practitioners.
The draft reforms follow the Federal Government’s December 2011 proposals paper and subsequent consultation with practitioner associations and other stakeholder groups. Submissions on the Bill can be made until 8 March 2012 via the parliamentary website, here. A copy of the exposure draft is available here.