The Insolvency Law Reform Act 2016 has made substantial amendments to the Bankruptcy Act 1966 and Corporations Act 2001. These amendments have a staggered commencement date.
All of these changes are covered in our 2017 Australian Corporations & Securities Legislation and Australian Bankruptcy Act 1966 titles, available now on the CCH Bookshop – where you will now automatically save 15-20% when you purchase two or more books in the same order.
The reforms directed at promoting competency and professionalism such as the practitioner registration and discipline provisions, and enhancements to the ASIC’s powers have commenced on 1 March 2017.
These include the reforms contained in Parts 1 and 2 of the Insolvency Practice Schedules (Bankruptcy) and (Corporations) – sections 1-1 to 50-35, dealing generally with registration, discipline and insurance. New insurance requirements also apply to all registered practitioners.
Schedule 3 – Other amendments of the Insolvency Law Reform Act 2016 – pp 369-389 also commence on 1 March 2017. These contain some fairly minor practice reforms that impact all practitioners, mainly in corporate insolvency. The sale of voidable transactions is affected (s 100-5) and the removal of the official liquidator title also applies from 1 March 2017.
The reforms to insolvency administration processes, to enhance efficiency, improve communication and increase competition, is scheduled to commence on 1 September 2017.