Public comment on the exposure draft of the Insolvency Law Reform Bill 2013 has now closed. Sixteen submissions were received in response to the long awaited draft.

While one submission was confidential, the remaining 15 can be viewed here.

Notably, submissions were received from the Institute of Chartered Accountants Australia, the Insolvency Practitioners Association and the Australian Institute of Company Directors.

The bill has not been proposed for introduction in the winter sittings of federal parliament. A second version of the Bill is set to be released shortly and will set out further amendments to the personal and corporate insolvency legislation affected and any transitional measures. The Australian government has announced that draft regulations will also be released for public consultation.