Insolvency Practice Rules 2016 released – Corporations and Bankruptcy

The Insolvency Practice Rules (Corporations) 2016 have now been released, without fanfare, and are on the Federal Register of Legislation.  The Insolvency Practice Rules (Bankruptcy) 2016 have since followed.  They are both here.

These generally accord with the drafts released for comment. They do not appear to have taken into account the more substantial issues raised in some submissions. These may well be addressed in regulator guidance.

Parts 1 and 2 (registration and discipline of practitioners) will commence on 1 March 2017. Part 3 (general rules relating to bankruptcies and external administrations) will commence on 1 September 2017.

The profession will be generally aware of what commences on 1 March 2017.  Further details will be reported on this website.

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