The first tranche of the Insolvency Law Reform changes commence 1 March 2017.
The insolvency legislation and rule changes are detailed in the following links:
The relevant changes for March 2017 regarding corporate insolvency as referenced in the Reform Act include:
- Schedule 1 of the Reform Amendment
- Schedule 3 of the Reform Amendment
Software Changes Highlighted
See the attached document for a detailed description of software highlighting new statutory forms, new processes and tasks.
The official liquidator register will be phased out in preference for the register of liquidators from 1 March 2017. The terminology changes are discussed here.
The new ASIC forms, processes and tasks associated with the ILRA changes may be applied as a hotfix to your existing software. You should ensure you are on the latest released software version.