ASIC is keeping liquidators informed, but no-one else?

Here are the rules, including those in relation to the new small business restructuring practitioner: Insolvency Practice Rules (Corporations) Amendment (Corporate Insolvency Reforms) Rules 2020 (legislation.gov.au)

"Dear Registered Liquidator

The Government has passed all legislative components to give effect to the latest reforms to corporate insolvency in Australia, with most of the changes commencing on 1 January 2021. 

The following legislation and instruments give effect to the reforms:

·       Corporations Amendment (Corporate Insolvency Reforms) Act 2020, which received royal assent on 15 December 2020. 

·       Corporations Amendment (Corporate Insolvency Reforms) Regulations 2020, which were registered on the Federal Register of Legislation on 21 December 2020.

·       Insolvency Practice Rules (Corporations) Amendment (Corporate Insolvency Reforms) Rules 2020, which were registered on the Federal Register of Legislation on 22 December 2020. 

We are updating our IT systems to allow registered liquidators and others to adopt, use and comply with the changes enacted by these reforms.

We will provide further updates soon.

Yours faithfully

 Thea Eszenyi

Senior Executive Leader

Insolvency Practitioners Stakeholder Team