Competition and Consumer Point-in-Time Service Updates

Tuesday 18 January 2022 @ 10.31 a.m.

The Competition and Consumer Point-in-Time Service has been updated to include the Treasury Laws Amendment (Corporate Insolvency Reforms Consequentials) Regulations 2021 (Cth).

Treasury Laws Amendment (Corporate Insolvency Reforms Consequentials) Regulations 2021

On 24 September 2020 the Government announced reforms to Australia’s insolvency framework to better serve Australian small businesses, their creditors and their employees.

The reforms, which came into effect on 1 January 2021, introduced new insolvency processes suitable for small businesses, reducing complexity, time and costs. These processes enable more Australian small businesses to quickly restructure. Where restructure is not possible, businesses can wind up faster, enabling greater returns for creditors and employees.

The Treasury Laws Amendment (Corporate Insolvency Reforms Consequentials) Regulations 2021 seek to make consequential amendments to regulations which support the ongoing operation of the small business insolvency reforms.

These amendments have been updated in the Point-in-Time Competition and Consumer Service current to 17 January 2022. (NB: Subscription required).

If you are not already a subscriber to this or other Point-in-Time Services then please contact us to find out more or to take a free trial.