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Second Reading Speeches

Corporations Amendment (Corporate Insolvency Reforms) Bill 2020

Type
Government
Portfolio
Treasury
Originating house
House of Representatives
Status
Act
Parliament no
46

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Summary

Amends the:

Corporations Act 2001
to: establish a debt restructuring process for eligible small companies and provide temporary relief for eligible companies seeking to enter the process; and expand the situations where documents relating to the external administration of a company may be given electronically and allow documents relating to the external administration of a company to be signed electronically; and
Bankruptcy Act 1966
and
Corporations Act 2001
to establish a simplified liquidation process for the purpose of winding up the affairs and distributing the property of an eligible company in a creditors' voluntary winding up, as well as the requirements for entering and exiting the process. Also makes consequential amendments to seven Acts.