Late last year, the Parliamentary Secretary to the Treasurer, The Hon. Bernie Ripoll MP, and the Attorney-General, The Hon. Nicola Roxon MP, released an exposure draft of the first tranche of amendments to be included in the Insolvency Law Reform Bill 2013.
The draft Bill implements the reform package previously outlined in the Proposals paper directed at harmonising the regulatory framework by aligning personal and corporate insolvency regulation. In addition, the draft laws aim to modernise the way insolvency practitioners are registered, disciplined and regulated.
The draft Bill and explanatory material can be found on the Treasury website (follow the link in this blog).
Submissions are due by 8 March 2013. Members of the profession are encouraged to provide feedback by 14 February 2013.