Submissions on the Insolvency Practitioners Bill, which has been referred to the Commerce Committee for public consultation, close on 12 October 2010 (next Tuesday).
The Bill proposes a negative licensing regime for insolvency practitioners. Liquidators, administrators and receivers who fail to perform their duties will be liable to be stood down or placed under supervision by the Registrar of Companies. Practitioners subject to a banning or supervision order will also be listed on a publicly accessible electronic register.
The Bill should become law in the middle of next year.
Online submissions can be made here.
If you would like to make a submission on the Bill, please feel free to discuss this with the lawyers who are authors of this article.
The information in this article is for informative purposes only and should not be relied on as legal advice. Please contact Chapman Tripp for advice tailored to your situation.