The Australian Insolvency Regime Revisited: A Precis of the Next Leap Forward

INSOL International Insolvancy Review, Vol. 15, pp. 129-145, 2006

17 Pages Posted: 8 Apr 2011

See all articles by David S. Morrison

David S. Morrison

The University of Queensland - T.C. Beirne School of Law

Colin J. Anderson

Queensland University of Technology - Faculty of Law

Date Written: 2006

Abstract

Australian corporate insolvency laws contained within Chapter 5 of the Corporations Act are currently being reviewed with respect to four principal areas identified by Australian Government Treasury. The four themes of review include employee 'benefit' enhancements; seeking to deter misconduct of company officers; rules around insolvency practitioner disclosure with respect to their remuneration and related independence issues; and some minor proposed changes to the voluntary administration procedure, widely regarded as requiring only minor adjustment. Presently, the draft legislation is not available for general release and is being discussed within the Australian Government appointed Insolvency Law Advisory Group.The next steps are public comment for review of draft legislation and then operation of the legislative change.These are expected to occur in 2007. This paper seeks to outline the likely issues associated with the expected reforms of the Australian insolvency regime.

Keywords: insolvency, corporate insolvency, bankruptcy, corporations act, Australian government treasury

JEL Classification: K22, K29

Suggested Citation

Morrison, David S. and Anderson, Colin J., The Australian Insolvency Regime Revisited: A Precis of the Next Leap Forward (2006). INSOL International Insolvancy Review, Vol. 15, pp. 129-145, 2006, Available at SSRN: https://ssrn.com/abstract=1802210

David S. Morrison (Contact Author)

The University of Queensland - T.C. Beirne School of Law ( email )

The University of Queensland
St Lucia
4072 Brisbane, Queensland 4072
Australia

Colin J. Anderson

Queensland University of Technology - Faculty of Law ( email )

Level 4, C Block Gardens Point
2 George St
Brisbane, QLD 4000
Australia
+61 7 3138 1099 (Phone)
+61 7 3138 2121 (Fax)

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