Insolvency and Reconstruction

2015/16 Annual Report

The Insolvency and Reconstruction Law Committee is a committee of the Business Law Section of the Law Council of Australia.

The Committee has continued its role in liaising with the Australian Securities and Investments Commission, the Australian Financial Security Authority and the Australian Restructuring Insolvency & Turnaround Association.

The major piece of work in the last financial year was the Committee’s participation in, and response to, the Government’s proposal to reform insolvency and bankruptcy laws, as set out in The Treasury’s paper titled National Innovation and Science Agenda Improving Bankruptcy and Insolvency Laws.

In 2015/16, the Committee also:

  • responded to the working group of Judges and Court Registrars on the Harmonisation of Court Rules – Corporate and Personal Insolvency and Remuneration of Insolvency; and
  • contributed to the Law Council’s submission on the inquiry into Bell Group  of Companies (Finalisation of Matters and Distribution of Proceeds) Bill 2015 and appeared before the Standing Committee on Legislation.

In October 2015, Committee members attended the annual workshop with members of the Insolvency and Reconstruction Law Committees of the other States.

The Committee thanks Law Society staff for their excellent administration of the Committee. The Committee also appreciates the invaluable contributions made by Adrian Saggers of ASIC and Paul Devellerez of AFSA.

For more information about this committee please email General Manager, Advocacy – Mary Woodford,