The loosening will remove the existing professional requirements for insolvency practitioners to have 4000 hours of supervised work experience in the past five years and a postgraduate qualification in insolvency law.
Australian Restructuring Insolvency and Turnaround Association chief executive John Winter said the proposed legislation was “broken” and it was “completely flawed” that accountants could undertake insolvency work.
“Any accountant in public practice who is going to do this is going to get their fingers burnt. They’ve got no training, the law is very complex and they are not insured to do this work.”
“There is a real risk you are going to get underqualified people not realising how big the task is and doing really bad jobs…
Read the full article at: https://www.afr.com/policy/economy/new-insolvency-law-could-influx-of-shonky-operators-20201201-p56jnl