The Parliamentary Joint Committee on Corporations and Financial Services released its Report into Corporate Insolvency in Australia, the first major review of Australia’s corporate insolvency regime since the Harmer Report in 1988.
The Report made 28 recommendations in total which can be divided into recommendations that support a comprehensive and independent review encompassing both corporate and personal insolvency law with recommendations also as to how Government agencies (particularly ASIC and the ATO) handle corporate insolvency matters, Many of the recommendations related to the establishment of an independent and comprehensive review to consider a plethora of reforms to Australia’s insolvency framework. In addition, the Commit…
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