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31 October, 2016
Changes to Australias corporate insolvency laws are set to come into effect in 2017 and will result in an increase of powers for creditors in external administrations.
IN BRIEF
Greater powers afforded to creditors will include the ability to give directions to an external administrator, request the external administrator to convene a meeting or provide them with information or documents, and appoint persons to provide advice to the creditors or the committee of inspection.
The changes will come into effect on 1 March and 1 September 2017 following the commencement of the Insolvency Law Reform Act 2016 (Cth) (ILRA) and the Insolvency Practice Rules (Rules).
Whilst the ILRA has recei…
Read the full article at: http://www.conventuslaw.com/report/what-you-need-to-know-about-changes-to-australias/