A single insolvency regime with a single insolvency regulator? | India | Global law firm – Norton Rose Fulbright

This article was co-authored with Queenie Mok.

In our earlier Legal Update, we outlined the findings of the Parliamentary Joint Committee on Corporations and Financial Services Final Report on Corporate Insolvency in Australia. Recommendation 3 of the Report was a comprehensive review to consider and make recommendations on the options to enhance public interest objectives and the effectiveness of, and interaction between, the personal and corporate insolvency systems.

Unlike other common law countries such as the United States and Canada, Australia’s corporate and personal insolvency regimes are distinct. Corporate insolvency is governed by the Corporations Act 2001 (Cth) and its associated regulations, while the Bankruptcy Act 1966…