The Parliamentary Secretary to the Treasurer, Chris Pearce MP, has
introduced the Corporations Amendment (Insolvency) Bill 2007 into
Parliament.
The Insolvency Bill will:
- strengthen the protection of employee entitlements, improving
insolvency practitioner disclosures to creditors (including on
independence and remuneration), and
streamline procedures - extend ASIC’s investigative powers in monitoring liquidators and
improving court processes in relation to misconduct by company
officers. - introduce more
regular reporting requirements for insolvency practiotioners, requiring adequate insurance to be held
and providing greater flexibility to the Companies Auditors and
Liquidators Disciplinary Board. - Fine tune the voluntary administration process.
UPDATE 9 August 2007: Bill passed by Senate.
