Business Law Section

Bankruptcy Regulations 2021 - Exposure Draft & Discussion Paper

The submission to the Attorney-General’s Department in response to the Discussion Paper and Exposure Draft of the Bankruptcy Regulations 2021 was prepared by the Insolvency & Restructuring Committee of the Business Law Section. 

The key matters raised in the Discussion Paper and arising from the Exposure Draft which the Insolvency & Restructuring Committee wishes to raise specifically to the department’s attention are as follows:

a. The Minor and Technical Amendments proposed in the Exposure Draft are uncontroversial and require little further consideration.

b. In considering the more substantive or other clarifying amendments proposed in the Exposure Draft we have considered each major item and any specific questions raised in the Discussion Paper in order of appearance and then considered any other matters which require submissions. Broadly speaking most of the proposed changes appear reasonable but some of the proposed clarifying amendments may have the effect of obfuscating or confusing issues or lengthening the proposed Regulations unnecessarily.

You can read the full submission below. 
 

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