The Australian Financial Security Authority is supporting personal insolvency practitioners by providing online resources relating to the changes to the bankruptcy legislation introduced by the Insolvency Law Reform Act 2016 (ILRA).
The first phase of the ILRA commenced today, 1 March 2017, with a specific focus on registration of, and disciplinary action against, registered trustees. The second and final phase of the ILRA reforms will commence on 1 September 2017.
These reforms are part of a package of changes to Australia’s insolvency laws, focused on harmonisation of the legislation that governs regulation of insolvencies affecting individuals and small business (by the Australian Financial Security Authority) and corporate insolvencies (by Australian Securities and Investments Commission, or ASIC).
To assist personal insolvency practitioners, an online resource on the Insolvency Law Reform Act has been published on the AFSA website. It provides useful information such as comparative tables for legislation and trustee standards, new offence provisions and a list of changes affecting registered trustees. New forms and updated guidance materials (including Inspector-General Practice Statements) are also now available on the AFSA website to support practitioners in meeting their new obligations.