The year 2017 has been a big one for insolvency law reform. The
insolvency profession has seen substantial changes to the way it is
regulated and does business due
to the implementation of the Insolvency Law Reform Act 2016 (Cth). At around the same time, long-awaitedchanges to Australia's corporate reconstruction laws have been announced or have come into effect.
These are intended to make the external administration process
more flexible and to give directors more chance of achieving a
corporate recovery before liquidators
come onto the scene.
As we explain in this article, the "safe harbour" reforms substantially change the risks faced by the directors of insolvent companies.These changes must be thoroughly understood immediately by in-house counsel, and anyone else advising the board of a company facing financial distress.
Click the link LexisNexis Inhouse Counsel 2017 Vol 21 No 8 & 9 pgs 195 – 198 to read the full article, courtesy of LexisNexis.
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The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
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