A set of “policy positions” on insolvency law and practice has just been issued by Australia’s insolvency practitioners association – the Australian Restructuring Insolvency and Turnaround Association (ARITA).
The policies are titled:
- Policy 15-01: ARITA Law Reform Objectives (Corporate)
- Policy 15-02: Aims of insolvency law
- Policy 15-03: Current Australian corporate restructuring, insolvency and turnaround regime and the need for change
- Policy 15-04: Creation of a Restructuring Moratorium (Safe Harbour)
- Policy 15-05: Stronger regulation of directors and creation of a director identification number
- Policy 15-06: Advocate for Informal Restructuring
- Policy 15-07: Reworked Schemes/Voluntary Administration regimes to aid in the rehabilitation of large enterprises in financial distress
- Policy 15-08: Extension of moratorium to ipso facto clauses
- Policy 15-09: Streamlined Liquidation for Micro Companies
- Policy 15-10: Micro Restructuring
- Policy 15-11: Pre-positioned sales
ARITA’s 17-page paper – named Policy Positions of the Australian Restructuring Insolvency and Turnaround Association – is the final version of its discussion paper, A Platform for Recovery 2014. It is attached to its submission on 2 March 2015 to the Productivity Commission’s public inquiry into ” barriers to setting up, transferring and closing a business”.
It seems ARITA’s policy positions paper is not yet (mid-day 5/3/15) published as a separate document on ARITA’s website. However, I have created a copy, which is available on my website now.
ARITA’S full 59-page submission to the Productivity Commission is available on its site, as is its useful summary of the key points made in the submission. ARITA says that the policies in the Policy Positions paper form the key basis of ARITA’s submission to the Productivity Commission.
Other link: To the website of the Productivity Commission’s Business Set-up, Transfer and Closure inquiry.