On Monday, 22 February 2016 the Insolvency Law Reform Bill 2015 (ILRB) passed the Senate without amendment and is therefore likely to become the Insolvency Law Reform Act 2016.

The effective date of the new legislation is not yet known, however many are predicting a commencement date of 1 July 2017.

Whilst the ILRB is available for all to see, the key reforms affecting insolvency practitioners will be contained in the new Insolvency Practice Rules which will form part of the regulations to the new Act.  To date, the form of the Insolvency Practice Rules remain unreleased.  In the circumstances, some of the substantive effects of the new regulatory framework remain largely unknown and cannot be fully assessed at this time.

ERA Legal will continue to monitor these significant changes to the regulation of the insolvency profession and will provide updates as more information becomes available.

For more information, please contact ERA Legal.