On 12 July 2023, the Parliamentary Joint Committee on Corporations and Financial Services (the Committee) released its final report following an inquiry into the framework of Australia’s corporate insolvency laws (Inquiry). The Inquiry commenced in September 2022.
The Inquiry has determined that Australia’s insolvency regime is not fit-for-purpose and requires major reform, with the Committee finding that the current regime is complex, difficult to access, and creates unnecessary cost and confusion for debtors and creditors. Despite progressive reforms introduced following the Harmer Report in the early 1990s, the Committee identified that more recent piecemeal reforms had added further complexity and inconsistency and, as a result, th…
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