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ARTICLE · 12 AUGUST 2016

International Legislative Update - July/August 2016

Jones Day
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On December 7, 2015, the Australian government released its "National Innovation and Science Agenda" (the "Agenda").

GlobalInsolvency/Bankruptcy/Re-Structuring
Mark Douglas
Mark Douglas
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Australian Insolvency Law Reform Process Continues

On December 7, 2015, the Australian government released its "National Innovation and Science Agenda" (the "Agenda"). In the Agenda, the government outlined its intention to make three significant reforms to Australia's insolvency laws, adopting the recommendations of the Productivity Commission in its report, "Business Set-up, Transfer and Closure," which was released on the same day as the Agenda. The proposed reforms include the following:

  • Reducing the default bankruptcy period (the customary length of time before the debtor receives a discharge) for individuals from three years to one year.
  • Introducing a "safe harbour" providing corporate directors with immunity from personal liability for insolvent trading under section 588G of the Corporations Act 2001 (the "Act") during the implementation of a restructuring plan; and

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