A timely review of the effectiveness of Australia's insolvency laws

The Parliamentary Joint Committee on Corporations and Financial Services (PJC), chaired by Senator Deborah O’Neill, has handed down its final report into the effectiveness of Australia’s corporate insolvency laws in protecting and maximising value for the benefit of all interested parties and the economy. 

The Committee has made some far-reaching recommendations in the Final Report, heralding the long awaited “root and branch” review of Australia’s insolvency laws that ARITA (Australian Restructuring Insolvency & Turnaround Association) and other industry bodies have called for over the last decade.

This has been an extensive process, commencing on 28 September 2022, and receiving 78 submissions from individuals and organisations. The submissions included restructuring groups, law firms, liquidators, academics, government departments, industry groups and unions. The inquiry held five public hearings, two in Canberra and three in Sydney. 

We are proud to have made a direct contribution to the work of the PJC. The call by ARITA (Australia’s leading restructuring and insolvency professional body) for a root and branch review of Australia’s insolvency laws has been a strategic priority for almost a decade. In 2019, that was accelerated upon our Partner and Global Co-Head of Restructuring, Scott Atkins, taking on the Presidency of ARITA, with the PJC convening and finalising its work while Scott served on the ARITA Board as Immediate Past President.

Partner Dr Nuncio D’Angelo’s written and oral submissions feature heavily in proposed reforms to trust insolvency law covered by Recommendation 28.

To read our full article on the recommendations, please click here.