Federal Court (Bankruptcy) Amendment (Insolvency and Other Measures) Rules 2017
Friday 1 September 2017 @ 11.35 a.m. | Corporate & Regulatory
The Federal Court (Bankruptcy) Amendment (Insolvency and Other Measures) Rules 2017 will come into effect on 1 September 2017. The rules will coincide with the commencement of the second tranche of amendments introduced by the Insolvency Law Reform Act 2016 (Cth).
As part of the second tranche of reforms primarily dealing with insolvency administration processes, the Insolvency Practice Schedule (Bankruptcy) will come into effect. In conjunction, a number of procedural provisions of the former Bankruptcy Act are replaced by equivalent provisions in the new Insolvency Practice Schedule (Bankruptcy). As a result of this, the amendments introduced by the Federal Court (Bankruptcy) Amendment (Insolvency and Other Measures) Rules 2017 will make minor technical changes to the bankruptcy rules for proceedings under the Bankruptcy Act 1966.
These technical amendments simply change references to sections that have since been repealed in the Bankruptcy Act to equivalent replacement provisions in the new Insolvency Practice Schedule (Bankruptcy). Amendments were also included to provide better guidance on the powers of the Court under the harmonised rules which may be exercised by Registrars.
These are similar to recently introduced Federal Circuit Court (Bankruptcy) Amendment (Insolvency and Other Measures) Rules.
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Sources:
Federal Circuit Court (Bankruptcy) Amendment (Insolvency and Other Measures) Rules 2017, Rules and Explanatory Material as published on TimeBase's LawOne
