Insolvency and Reconstruction

2018/19 Annual Report

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

As in previous years, the Committee has continued to liaise with the Australian Securities and Investments Commission, the Australian Financial Security Authority and the Australian Restructuring Insolvency & Turnaround Association, and the Committee is ably assisted by Adrian Saggers of ASIC and Paul Devellerez of AFSA who continue regularly attending its meetings and provide invaluable insights.

The Committee also works with other members of the Law Council’s subcommittee in Adelaide, Brisbane, Canberra, Melbourne and Sydney.

The Commonwealth has continued its reform agenda over the course of the past year. The Committee’s time has been dedicated to considering new anti-phoenixing proposals, several proposed changes to the Bankruptcy Act, consequences of recent changes to the law such as the introduction of the new “safe harbour” regime protecting directors from liability for insolvent trading, and other matters arising from the recent Banking Royal Commission.

In October 2018, Committee members attended the Law Council’s Insolvency and Reconstruction annual workshop in Adelaide with members of the committees of the other States.

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