Insolvency reforms commence on 1 January 2021
Reforms to corporate insolvency laws commence on 1 January 2021 for companies with liabilities less than $1 million. These reforms include:
-a new debt restructuring process for incorporated businesses
-a new, simplified liquidation pathway for small businesses, and
-a new class of registered liquidator who can only undertake the debt restructuring process.
Corporations Amendment (Corporate Insolvency Reforms) Act 2020
Corporations Amendment (Corporate Insolvency Reforms) Regulations 2020
Insolvency Practice Rules (Corporations) Amendment (Corporate Insolvency Reforms) Rules 2020
Industry funding
The Government has introduced new laws that change the way ASIC is funded. Regulated entities will receive an invoice for ASIC’s regulatory services delivered in the prior year. Find out what this means for registered liquidators.
Quicklinks
Insolvency Law Reform Act 2016
Releases on insolvency
Liquidator registration applications
Registered liquidator disciplinary decisions
Insolvency statistics
AFSA - ARITA - ASIC joint liaison meetings
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