On 14 December 2011 the Attorney-General and Parliamentary Secretary to the Treasurer released A Modernisation and Harmonisation of the Regulatory Framework Applying to Insolvency Practitioners in Australia - a proposals paper setting out a pathway to significant regulatory reform of Australia's insolvency industry. Key reform areas in the paper are reflected in the Insolvency Law Reform Act 2016. The Act comprises a package of proposals to amend and streamline the Bankruptcy Act, 1966, the Corporations Act, 2001 and the Australian Securities and Investments Commission Act 2001. The amendments aim to:
- remove unnecessary costs and increase efficiency in insolvency administrations;
- align the registration and disciplinary frameworks that apply to registered liquidators and registered trustees;
- align a range of specific rules relating to the handling of personal bankruptcies and corporate external administrations;
- enhance communication and transparency between stakeholders;
- promote market competition on price and quality;
- improve the powers available to the corporate regulator; and
- improve overall confidence in the professionalism and competence of insolvency practitioners.
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