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:
Insolvency Law Reform Act 2016 (Cth)
Corporations and Other Legislation Amendment (Insolvency Law Reform) Regulation 2016
Insolvency Practice Rules (Corporations) 2016
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.
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