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Insolvency Law Reform Bill 2015
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2013-2014-2015

 

The Parliament of the

Commonwealth of Australia

 

HOUSE OF REPRESENTATIVES

 

 

 

 

Presented and read a first time

 

 

 

 

Insolvency Law Reform Bill 2015

 

No.      , 2015

 

(Treasury)

 

 

 

A Bill for an Act to amend the law in relation to personal and corporate insolvency, and for related purposes

   

   



Contents

1............ Short title............................................................................................. 1

2............ Commencement................................................................................... 1

3............ Schedules............................................................................................ 3

Schedule 1—Amendments relating to the Insolvency Practice Schedule (Bankruptcy) 4

Part 1—Insolvency Practice Schedule (Bankruptcy)                                     4

Bankruptcy Act 1966                                                                                                   4

Part 2—Amendments consequential on the introduction of the Insolvency Practice Schedule (Bankruptcy)                                                                                                                             102

Bankruptcy Act 1966                                                                                               102

Bankruptcy (Estate Charges) Act 1997                                                                114

Part 3—Transition to the Insolvency Practice Schedule (Bankruptcy) 115

Division 1—Introduction                                                                                         115

Division 2—Application of Part 2 of the Insolvency Practice Schedule (Bankruptcy) and related consequential amendments                                                                                       116

Division 3—Application of Part 3 of the Insolvency Practice Schedule (Bankruptcy) and related consequential amendments                                                                                       127

Division 4—Administrative review                                                                        142

Division 5—Application of other consequential amendments                        143

Division 6—Regulations                                                                                          145

Schedule 2—Amendments relating to the Insolvency Practice Schedule ( Corporations » )               146

Part 1—Insolvency Practice Schedule ( « Corporations » )                              146

« Corporations » Act 2001                                                                                            146

Part 2—Amendments consequential on the introduction of the Insolvency Practice Schedule ( « Corporations » )                                                                                              265

Aged Care (Accommodation Payment Security) Act 2006                               265

Australian Securities and Investments Commission Act 2001                         265

Banking Act 1959                                                                                                     274

Bankruptcy Act 1966                                                                                               275

Carbon Credits (Carbon Farming Initiative) Act 2011                                    275

Cheques Act 1986                                                                                                     275

Commonwealth Serum Laboratories Act 1961                                                   276

« Corporations » (Aboriginal and Torres Strait Islander) Act 2006                    276

« Corporations » Act 2001                                                                                            278

« Corporations » (Review « Fees » ) Act 2003                                                                  317

Cross-Border Insolvency Act 2008                                                                        318

Income Tax Assessment Act 1997                                                                           319

Insurance Act 1973                                                                                                  319

Life Insurance Act 1995                                                                                          320

Medical Indemnity Act 2002                                                                                  320

National Consumer Credit Protection Act 2009                                                322

National Greenhouse and Energy Reporting Act 2007                                    322

Paid Parental Leave Act 2010                                                                               323

Payment Systems and Netting Act 1998                                                               323

Private Health Insurance (Prudential Supervision) Act 2015                         323

Qantas Sale Act 1992                                                                                              324

Superannuation Industry (Supervision) Act 1993                                             324

Taxation Administration Act 1953                                                                        325

Tradex Scheme Act 1999                                                                                         325

Part 3—Transition to the Insolvency Practice Schedule ( « Corporations » ) 326

Australian Securities and Investments Commission Act 2001                         326

« Corporations » Act 2001                                                                                            329

Schedule 3—Other amendments                                                                                369

Part 1—Payments for property                                                                              369

« Corporations » Act 2001                                                                                            369

Part 2—Contravention of deed of company arrangement                      370

« Corporations » Act 2001                                                                                            370

Private Health Insurance (Prudential Supervision) Act 2015                         371

Part 3—Company’s former name                                                                         372

« Corporations » Act 2001                                                                                            372

Part 4—Termination of deed of company arrangement                           373

« Corporations » Act 2001                                                                                            373

Part 5—Relation-back day                                                                                      377

« Corporations » Act 2001                                                                                            377

Part 6—Miscellaneous amendments                                                                   384

« Corporations » Act 2001                                                                                            384

Part 7—Application of amendments                                                                  388

« Corporations Act 2001                                                                                            388

 



A Bill for an Act to amend the law in relation to personal and corporate insolvency, and for related purposes

The Parliament of Australia enacts:

1   Short title

                   This Act may be cited as the Insolvency Law Reform Act 2015 .

2   Commencement

             (1)  Each provision of this Act specified in column 1 of the table commences, or is taken to have commenced, in accordance with column 2 of the table. Any other statement in column 2 has effect according to its terms.

 

Commencement information

Column 1

Column 2

Column 3

Provisions

Commencement

Date/Details

1.  Sections 1 to 3 and anything in this Act not elsewhere covered by this table

The day this Act receives the Royal Assent.

 

2.  Schedule 1

A single day to be fixed by Proclamation.

However, if the provisions do not commence within the period of 12 months beginning on the day this Act receives the Royal Assent, they commence on the day after the end of that period.

 

3.  Schedule 2, items 1 to 93

At the same time as the provisions covered by table item 2.

 

4.  Schedule 2, item 94

The later of:

(a) the commencement of the provisions covered by table item 2; and

(b) immediately after the commencement of item 13 of Schedule 3 to the Treasury Legislation Amendment (Repeal Day 2015) Act 2015 .

However, the provisions do not commence at all if the event mentioned in paragraph (b) does not occur.

 

5.  Schedule 2, items 95 to 302

At the same time as the provisions covered by table item 2.

 

6.  Schedule 2, item 303

The later of:

(a) the commencement of the provisions covered by table item 2; and

(b) immediately after the commencement of item 48 of Schedule 2 to the Carbon Farming Initiative Amendment Act 2014 .

 

7.  Schedule 2, items 304 to 322

At the same time as the provisions covered by table item 2.

 

8.  Schedule 3

Immediately after the commencement of the provisions covered by table item 2.

 

Note:          This table relates only to the provisions of this Act as originally enacted. It will not be amended to deal with any later amendments of this Act.

             (2)  Any information in column 3 of the table is not part of this Act. Information may be inserted in this column, or information in it may be edited, in any published version of this Act.

3   Schedules

                   Legislation that is specified in a Schedule to this Act is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this Act has effect according to its terms.