Insolvency law reform 2020 - preliminary support for two new types of external administrations

As a result of the Corporations Amendment (Corporate Insolvency Reforms) Bill 2020, two new job types have been added:

1.  Debt Restructuring Process (Small Business Restructuring Practitioner)
2.  Creditors Voluntary Liquidation (Simplified)

As the legislation has not been passed into law and the detail of the applicable regulations is not yet finalised, these two job types have been added on a preliminary basis.

The appointment details and the naming conventions for the jobs and appointees can be updated as more clarity is available. The inclusion of these job types allows practitioners have a place to set up draft document precedents and checklists.

By including the job types now, we will be able to to update the descriptions and styling of the appointment types and avoid a future update of the software.

As further detail becomes available, further updates will be issued such as precedents, task templates and ARITA templates.