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ARTICLE · 19 JULY 2023

Changes to Australia's corporate insolvency laws

Bartier Perry Solicitors
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Summarises some of the recommendations of the report into corporate insolvency, focusing on corporate insolvency.

AustraliaInsolvency/Bankruptcy/Re-Structuring
Gavin Stuart
Gavin Stuart
David De Mestre
David De Mestre
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Australia's corporate insolvency laws are facing extensive reforms in the near future. On 12 July 2023, the Parliamentary Joint Committee on Corporations and Financial Services (Committee) tabled its highly anticipated report into Corporate Insolvency in Australia (Report).

This article summarises some of the recommendations of the Report, focusing on corporate (rather than personal) insolvency.

Overview - current regime

In December 1988, the Australian Law Reform Commission (ALRC) published its General Insolvency Inquiry (ALRC Report 45) more commonly referred to as the Harmer Report, following a five-year review of Australia's corporate and personal insolvency laws. Following the Harmer Report, legislative reforms were enacted by (for example and without limitation) the Corporate Law Reform Act 1992 (Cth) which codified many of the ALRC's recommendations.

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