Insolvency Law Reform Bill 2015

Type
Government
Portfolio
Treasury
Originating house
House of Representatives
Status
Act
Parliament no
44

Track (What's this?)

Permalink

Summary

Amends the: Bankruptcy Act 1966 and Corporations Act 2001 to align the registration and disciplinary frameworks that apply to registered liquidators and registered trustees (through the rules made by the Insolvency Practice Schedule (Bankruptcy) and Insolvency Practice Schedule (Corporations)); and align a range of specific rules relating to the handling of personal bankruptcies and corporate external administrations; Australian Securities and Investments Commission Act 2001 to provide the Australian Securities and Investments Commission with further powers to assist in the oversight of the regulation of registered liquidators; Corporations Act 2001 in relation to: payments for property; use of a company’s former name; termination of a deed of company arrangement; relation-back day; and the lodgement of documents with ASIC which require a notice to be in the prescribed form; and Corporations Act 2001 and Private Health Insurance (Prudential Supervision) Act 2015 in relation to notifications of contraventions of deeds of company arrangement. Also makes consequential amendments to 25 Acts.

Progress

House of Representatives
Introduced and read a first time 03 Dec 2015
Second reading moved 03 Dec 2015
Second reading debate 09 Feb 2016
Second reading debate 10 Feb 2016
Second reading agreed to 10 Feb 2016
Third reading agreed to 10 Feb 2016
Senate
Introduced and read a first time 22 Feb 2016
Second reading moved 22 Feb 2016
Second reading debate 22 Feb 2016
Second reading agreed to 22 Feb 2016
Third reading agreed to 22 Feb 2016
Finally passed both Houses 22 Feb 2016
Assent
  • Act no: 11
  • Year: 2016
29 Feb 2016

Documents and transcripts

Text of bill

Word Format PDF Format HTML Format
Word Format PDF Format HTML Format

Explanatory memoranda

Word Format PDF Format HTML Format

Proposed amendments

No proposed amendments have been circulated.

Schedules of amendments

No documents at present

Notes

Helpful information

Text of bill

  • First reading: Text of the bill as introduced into the Parliament
  • Third reading: Prepared if the bill is amended by the house in which it was introduced. This version of the bill is then considered by the second house.
  • As passed by both houses: Final text of bill agreed to by both the House of Representatives and the Senate which is presented to the Governor-General for assent.

Explanatory memoranda

  • Explanatory memorandum: Accompanies and provides an explanation of the content of the introduced version (first reading) of the bill.
  • Supplementary explanatory memorandum: Accompanies and explains amendments proposed by the government to the bill.
  • Revised explanatory memorandum: Accompanies and explains the amended version (third reading) of the bill. It supersedes the explanatory memorandum.

Proposed amendments

Circulated by members and senators when they propose to make changes to the bill. For details about the outcome of proposed amendments please refer to either the Votes and Proceedings (House of Representatives) or the Journals (Senate).

Schedules of amendments

Schedules of amendments list amendments agreed to by the second house are communicated to the first house for consideration. Subsequent action by either house may also be included in a schedule.