The Treasury has released a draft Bill (the Insolvency Law Reform Bill 2014) that comprises a package of proposals to amend and streamline the Bankruptcy Act 1966 and the Corporations Act 2001. Treasury has stated that the proposed amendments will:
- remove unnecessary costs and increase efficiency in insolvency administrations;
- enhance communication and transparency between stakeholders;
- promote market competition on price and quality;
- boost confidence in the professionalism and competence of insolvency practitioners; and
- remove unnecessary costs from the insolvency industry resulting in around $55.4 million per annum in compliance cost savings.
Interested parties have been invited to comment on the draft Bill and the Insolvency Practice Rules Proposals Paper, with submissions closing on Friday, 19 December 2014.
For more information or to view a copy of the draft Bill or the Insolvency Practice Rules Proposals Paper, click here.