Commencing on 1 March 2017 are some of the changes to Australia’s corporate insolvency legislation that were approved when the Insolvency Law Reform Act was passed in 2016. The Australian Securities and Investments Commission (ASIC), the regulator of the Corporations Act, has issued a table listing and summarizing what it says are the key changes. Set out below is a copy of that table. (The original is available to view at ASIC).
For a convenient list of NEW ASIC FORMS and AMENDED ASIC FORMS go to this EMAIL extract from ASIC to registered liquidators on 6 March 2017. NOTE: Some of the new and amended forms have not yet been released by ASIC (7/3/2017).
Corporate Insolvency Law Reform – key changes effective from 1 March 2017
Subjects
- Registration Process
- Industry wide conditions
- Applying to vary or remove a condition or to lift or shorten a suspension
- Renewal of registration
- The Liquidator Register
- Insurance
- Annual liquidator return
- Notice of significant, and other, events
- ASIC power to direct registered liquidator to lodge documents or give information or correct inaccuracies
- ASIC power to cancel or suspend a person’s registration
- Disciplinary action by a committee
- Notice by industry body of possible grounds for disciplinary action
- Court oversight of registered liquidators
- Registration and disciplinary committees
- Administrator’s notice to owner or lessor of property
- Notice – material contravention of deed of company arrangement
- Company’s former name
- Relation back day
- Lodging declarations of relevant relationships and indemnities
- Lodgement requirements relating to pooled groups
