A number of lawyers have called for reform to the insolvency regime in Australia, but the most desirable model has divided opinion.
The Australian insolvency regime has come under close government scrutiny in recent years, with the Productivity Commission delivering its Business Set, Transfer and Closure report in December 2015 and then the commonwealth government calling for submissions to it Improving bankruptcy and insolvency laws proposals paper in April.
Barrister Farid Assaf who recently became a fellow of the International Association of Restructuring, Insolvency and Bankruptcy Professionals told Lawyers Weekly that the Australian system was in dire need of reform.
He urged for the adoption of a “restructuring culture” modelled o…
Read the full article at: http://www.lawyersweekly.com.au/news/18737-insolvency-reform-ignites-debate-among-lawyers