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Tuesday, 12 September 2017
Page: 10075

Ms O'DWYER (HigginsMinister for Revenue and Financial Services) (16:13): I move:

That the amendments be agreed to.

Firstly, I'd like to thank those members who have contributed to this debate. This bill amends the Corporations Act 2001 to introduce a safe harbour for company directors undertaking corporate restructures outside of formal insolvency proceedings and to restrict ipso facto clauses that make it harder for businesses to successfully recover from financial difficulties. It is a bill that promotes a culture of entrepreneurship and innovation to drive business growth and global success and help save local jobs. As a result of the Senate Economics Legislation Committee's inquiry into this bill, the government made some minor and technical attempts to part 2 of the bill to ensure that it operates as originally intended. In addition to these amendments, one other amendment was passed in the other place that enshrined a review of the safe harbour provisions in legislation two years from commencement. The government is confident that this review will confirm the government's position that this legislation will improve our insolvency regime.