ARTICLE · 26 FEBRUARY 2007

Insolvency Law Reform – Key Changes

Minter Ellison

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The Parliamentary Secretary to the Treasurer released an exposure draft of proposed reforms last Friday that are set to modernise, streamline and strengthen Australia's insolvency laws.

AustraliaFinance and Banking

Michael Hughes

The Parliamentary Secretary to the Treasurer released an exposure draft of proposed reforms last Friday that are set to modernise, streamline and strengthen Australia's insolvency laws.

Representing the first substantive changes to our corporate insolvency laws since 1993, the provisions contained in the exposure draft of the Corporations Amendment (insolvency) Bill 2007 (draft Bill) reflect the four broad themes for insolvency reform identified in previous reviews of insolvency laws (conducted between 1997 and 2004):

improving outcomes for creditors

deterring misconduct by company officers

improving regulation of insolvency practitioners

fine-tuning voluntary administration.

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