Insolvency and Reconstruction

2016/17 Annual Report

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

The Committee 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 insolvency and reconstruction industry has seen an enormous amount of reform within the last 12 months. The Committee made a number of submissions to the Law Society’s Council including:

  • response to Treasury’s consultation on the proposed Insolvency Practice Rules;
  • response to ASIC’s consultation on the Insolvency Practice Rules;
  • submission in response to ‘Reforms to address corporate misuse of the Fair Entitlements Guarantee Scheme’; and
  • submission in response to the Treasury’s ‘National Innovation and Science Agenda – Improving Corporate Insolvency Law’ 2017.

In August 2016, Committee members attended the Federal Court of Australia’s annual workshop and in October 2016, Committee members attended the Insolvency and Reconstruction annual workshop with members of the Insolvency and Reconstruction Law Committees of the other States.

The Committee thanks Adrian Saggers of ASIC and Paul Devellerez of AFSA who regularly attend its meetings and provide invaluable insights.

For more information about this committee please email General Manager, Advocacy – Mary Woodford, advocacy@lawsocietywa.asn.au