A step forward for insolvency reform

On 7 October 2020, the Treasury released its draft bill for consultation, proposing foreshadowed insolvency law changes. The substance of the changes are to move our current insolvency model of creditor in possession and “one size fits all” approach, to a director in possession model. The process will only be available for companies with liabilities of less than $1 million. The bill is only in consultation phase, to end on 12 October 2020. It is likely to see refinement in the coming months before being passed. The current drafting relies heavily on regulations that are yet to be drafted, so many questions remain unanswered. On a cursory review of the draft bill, however, a number of matt

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