Insolvency Law Reform Act 2016

Here is a brief overview of the Insolvency Law Reform Act 2016:

The Insolvency Law Reform Act 2016 aims to reform the law in relation to personal and corporate insolvency, and for related purposes. The Act includes amendments relating to the Insolvency Practice Schedule (Bankruptcy) and the Insolvency Practice Schedule (Corporations).

The main objectives of this schedule are to ensure that any person registered as a trustee has an appropriate level of expertise, behaves ethically, and maintains sufficient insurance to cover their liabilities in practicing as a registered trustee. The Act also regulates the administration of regulated debtors' estates consistently and gives greater control to creditors.

Key provisions include:

• Registration of trustees: Individuals can apply to be registered as a trustee, and registration is subject to conditions.
• Discipline of registered trustees: If a registered trustee fails to comply with requirements, the Inspector-General may give directions that may result in the trustee being unable to accept further appointments.
• Register of Trustees: The Inspector-General must establish and maintain a register of trustees, which includes details of disciplinary action decided by a committee.

Overall, the Insolvency Law Reform Act 2016 aims to improve the administration of insolvencies and provide greater protection for creditors.