Printer Friendly

Australia : Insolvency regulators welcome start of second tranche of insolvency law reforms.

The Australian Financial Security Authority (AFSA) and the Australian Securities & Investments Commission (ASIC) have welcomed the start today of the second and final tranche of reforms introduced by the Insolvency Law Reform Act 2016 (ILRA).

The reforms aim to increase efficiency, reduce administration costs and promote market competition in personal and corporate insolvency in Australia.

The latest round of changes focus on the way funds are handled and introduce new requirements for creditor meetings and practitioner remuneration.

Hamish McCormick, AFSAs Chief Executive and Inspector-General in Bankruptcy, said that these reforms are an important milestone in the rules governing insolvency in Australia.

These reforms will support a greater level of consistency and standards across both systems. They will also empower creditors to request information from insolvency practitioners' he said.

ASIC Commissioner John Price said, The insolvency law reforms harmonise the regulatory framework for personal and corporate insolvency and address a number of issues in the insolvency industry and ASIC's role in regulating it.

The changes will enhance trust and confidence in the insolvency profession'.

AFSA and ASIC continue to work with the Australian Insolvency, Reconstruction and Turnaround Association (ARITA) to prepare for the commencement of the reforms.

The first phase of the ILRA commenced on 1 March 2017 and focused on registration of, and disciplinary action against, registered liquidators and registered trustees.

[c] 2017 Al Bawaba (Albawaba.com) Provided by SyndiGate Media Inc. ( Syndigate.info ).

COPYRIGHT 2017 SyndiGate Media Inc.
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2017 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:Mena Report
Geographic Code:8AUST
Date:Sep 2, 2017
Words:234
Previous Article:Australia : Court dismisses ACCC action against LG.
Next Article:Australia : Profit growth opportunities in focus at SA farm business forum.
Topics:

Terms of use | Privacy policy | Copyright © 2019 Farlex, Inc. | Feedback | For webmasters