CCH is publishing a consolidated version of the Bankruptcy Act 1966 as amended by the Insolvency Law Reform Act 2016.
The amended law does not commence until 2017 but given the substantial changes being made, this publication will allow preparation and familiarity with the law many months before for the expected commencement dates. As we know, many sections of the Bankruptcy Act will disappear and reappear in different terms in a Schedule to the Act, which itself will also contain many new provisions.
Subscribers to the Australian Insolvency Management Practice, which I write, already have an online version of the new law. The Practice itself is already cross-referenced with much of the new law, as well as being continually updated with new case law – the decision in Condor Blanco being the latest – and practice and regulatory developments.
One problem faced by those of us who are being called upon to explain and train in the new law is that we do not know the detail of what provisions start in March 2017 and what start in September 2017. We know many but not all, and there are many important provisions that should not be delayed beyond March 2017.
These include a revised provision concerning the exercise of powers of directors while a company is in administration (new s 198G), voting at Part 5.1 meetings (new ss 415A to 415C), annual returns by controllers (s 422A), replacement of liquidators (s 473A), and the abolition of the position of official liquidator.
We all await the government’s further announcement, preferably by other than a “media release”.
We also await the Insolvency Practice Rules, and the Regulations.
Then, there are the Courts’ rules, both in bankruptcy and corporate insolvency, that will need to be changed.
Law reform comments are an on-going feature of the Australian Insolvency Management Practice, one item being my on-going list of insolvency law reform recommendations over the years that have not been acknowledged, let alone implemented.
That list is being updated, and will soon be re-published.