Insolvency Law Reform Bill 2014

The draft Bill comprises a package of proposals to amend and streamline the Bankruptcy Act 1966 and the Corporations Act 2001. The proposed amendments will:

• remove unnecessary costs and increase efficiency in insolvency administrations;
• enhance communication and transparency between stakeholders;
• promote market competition on price and quality;
• boost confidence in the professionalism and competence of insolvency practitioners; and
• remove unnecessary costs from the insolvency industry resulting in around $55.4 million per annum in compliance cost savings.