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ARTICLE · 15 DECEMBER 2015

Safe harbour defence for directors is on the way

DibbsBarker
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The Federal Government has signalled three key changes to Australian insolvency laws to encourage entrepreneurship.

AustraliaInsolvency/Bankruptcy/Re-Structuring
Macaire Bromley
Macaire Bromley
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Safe harbour defence for directors is on the way

Focus: Productivity Commission and Federal Government announcements signal insolvency law reform
Services: Corporate & Commercial, Financial Services, Restructuring & Insolvency
Industry Focus: Financial Services

This week has arguably been one of the most significant we have seen since the introduction of voluntary administration in 1993, when it comes to the reform of Australia's insolvency regime. Transformational change is officially afoot, with the introduction of a safe harbour defence for directors in Australia expected mid-2017.

In August 2014, DibbsBarker urged Treasury and the Financial System Inquiry (FSI) by way of submission copied to the then Minister for Communications (now his honourable Prime Minister of Australia), to contemplate "transformational change that alters our business landscape, providing greater scope for innovation and entrepreneurship, including in

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