Bill
Insolvency Law Reform Bill 2015
passed, as at 2016-02-29. Treasury portfolio.
- Sponsor
- Not recorded
- Portfolio
- Treasury
Recorded stages
- introduced — 2015-12-03
- second reading — 2015-12-03
- second reading — 2016-02-09
- second reading — 2016-02-10
- second reading — 2016-02-10
- third reading — 2016-02-10
- introduced — 2016-02-22
- second reading — 2016-02-22
- second reading — 2016-02-22
- second reading — 2016-02-22
- third reading — 2016-02-22
- passed — 2016-02-22
- royal assent — 2016-02-29
Divisions
No divisions recorded. Most questions are decided on the voices; this does not establish that a bill was unopposed.
Plain-language summary
Written by a model from the explanatory memorandum; not the record, as at 2015-12-03.
This bill would reform Australia's insolvency laws to reduce costs and improve efficiency.
It would create common rules for handling personal bankruptcies and corporate collapses, affecting how liquidators and trustees are registered and disciplined.
The changes are expected to save the insolvency industry $50.1 million in compliance costs and generate $1 million in annual revenue.
- Removes unnecessary costs and boosts efficiency in insolvency administrations.
- Aligns registration and disciplinary rules for registered liquidators and trustees.
- Enhances communication and transparency between stakeholders.
- Promotes market competition on price and quality.
- Gives the corporate regulator stronger powers for the insolvency market.
- Raises confidence in the professionalism of insolvency practitioners.
The insolvency industry, including registered liquidators, registered trustees, and the corporate regulator.
Sources
em
billhome
frl act