Corporations Point-in-Time Service Updates

The Corporations Point-in-Time Service has been updated to include the Corporations Amendment (Corporate Insolvency Reforms) Act 2020 (Cth) (Act 130 of 2020) and the Treasury Laws Amendment (Miscellaneous and Technical Amendments) Regulations 2020 (Cth).

Act 130 of 2020

An Act to implement reforms intended to reduce the costs of external administration for small businesses and the compliance burden for insolvency practitioners, helping more businesses remain viable and improving the returns to creditors and employees when the business is unviable.

Schedule 1 to the Act creates a debt restructuring process for eligible small companies.

Schedule 2 to the Act provides temporary relief for eligible companies seeking to enter the formal debt restructuring process created in Schedule 1.

Schedule 3 to the Act creates a simplified liquidation process for a creditors’ voluntary winding up of an insolvent company and amends the Insolvency Practice Schedule to refine the registration requirements for a liquidator.

Schedule 4 to the Act expands the situations where documents relating to the external administration of a company may be given electronically. It also allows documents relating to the external administration of a company to be signed electronically.

Treasury Laws Amendment (Miscellaneous and Technical Amendments) Regulations 2020

These regulations amend various Treasury portfolio regulations to make minor and technical changes that correct typographical errors and unintended outcomes, increase out of date thresholds, and repeal inoperative provisions. These changes ensure that the Treasury regulations operate as intended.

These amendments have been updated in the Point-in-Time Corporations Service current to 16 December 2020. (NB: subscription required).

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