Parliament passed the Insolvency Law Reform Act 2016 (ILRA) in February 2016, with provisions relating to registration and discipline of registered liquidators due to commence on 1 March 2017.
The balance of the ILRA provisions will commence on 1 September 2017.
The reforms aim to increase efficiency, reduce costs of administration and promote market competition by harmonising and aligning the Bankruptcy Act 1966 and the Corporations Act 2001.
ASIC welcomed the insolvency law reforms, and has released a consultation paper proposing to reissue its guidance for registered liquidators, reflecting the impending changes.
Consultation Paper 276 Registered liquidators: Registration, discipline and insurance requirements (CP 276) sets out the proposals for Regulatory Guide 186 External administration: Liquidator registration (RG 186) and Regulatory Guide 194 Insurance requirements for registered liquidators (RG 194).
ASIC is accepting submissions on CP 276 until 9 February 2017.