Insolvency and Reconstruction

2017/18 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. At the end of 2017, the Committee’s state and national Chair, Victoria Butler, retired her position after many years of service.

The federal reform agenda in the insolvency profession has continued this year, requiring substantial work from the Committee, which made a number of submissions to government, including on:

  • Treasury’s paper on proposals to combat illegal phoenixing;
  • the Inquiry into the Treasury Laws Amendment (2017 Enterprise Incentives No 2) Bill 2017 (in conjunction with the Law Council’s Corporations Committee);
  • the Bankruptcy Amendment (Enterprises Incentives) Bill 2017; and
  • the ATO’s use of garnishee notices (in conjunction with the Law Council’s Taxation Committee).

In October 2017, Committee members attended the Law Council’s Insolvency and Reconstruction annual workshop in Sydney 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