The insolvency industry has warmly welcomed a parliamentary report recommending sweeping changes to simplify corporate insolvency law and make it more efficient.
The Australian Restructuring, Insolvency & Turnaround Association (ARITA) said the report echoes most of its recommendations, especially on bringing personal and corporate regimes together and addressing unfairness in the system.
We are delighted that the committee has agreed with almost all of our key recommendations, especially around the need for a root and branch review of insolvency law to create a more simple, efficient and effective regime to foster better outcomes for companies in financial distress, said ARITA CEO John Winter.
Through its work, the committee has seen e…
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