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Corporations Amendment (Insolvency) Bill 2007

2004-2005-2006-2007

 

The Parliament of the

Commonwealth of Australia

 

HOUSE OF REPRESENTATIVES

 

 

 

 

Presented and read a first time

 

 

 

 

 

 

 

 

 

Corporations Amendment (Insolvency) Bill 2007

 

No.      , 2007

 

(Treasury)

 

 

 

A Bill for an Act to amend the Corporations Act 2001 , and for other purposes

   

   



Contents

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

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

3............ Schedule(s)......................................................................................... 3

Schedule 1—Improving outcomes for creditors                                                   4

Part 1—Enhancing protection of employee entitlements                             4

Corporations Act 2001                                                                                                4

Superannuation Guarantee (Administration) Act 1992                                     11

Part 2—Better informing creditor decisions                                                     13

Corporations Act 2001                                                                                              13

Part 3—Streamlining external administration                                                  32

Corporations Act 2001                                                                                              32

Part 4—Facilitating pooling in external administration                              56

Corporations Act 2001                                                                                              56

Schedule 2—Deterring corporate misconduct                                                     83

Australian Securities and Investments Commission Act 2001                           83

Corporations Act 2001                                                                                              83

Schedule 3—Improving regulation of insolvency practitioners                90

Corporations Act 2001                                                                                              90

Schedule 4—Fine-tuning voluntary administration                                         95

Part 1—General                                                                                                               95

Corporations Act 2001                                                                                              95

Part 2—Rights to property during administration                                       109

Corporations Act 2001                                                                                            109

Part 3—Liquidation following administration                                              117

Corporations Act 2001                                                                                            117

Schedule 5—Miscellaneous                                                                                            123

Australian Securities and Investments Commission Act 2001                         123

Corporations Act 2001                                                                                            123

Schedule 6—Transitional                                                                                               125

Corporations Act 2001                                                                                            125

 



A Bill for an Act to amend the Corporations Act 2001 , and for other purposes

The Parliament of Australia enacts:

1   Short title

                   This Act may be cited as the Corporations Amendment (Insolvency) Act 2007 .

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

Provision(s)

Commencement

Date/Details

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

The day on which this Act receives the Royal Assent.

 

2.  Schedule 1, items 1 to 48

A single day to be fixed by Proclamation.

However, if any of the provision(s) do not commence within the period of 6 months beginning on the day on which this Act receives the Royal Assent, they commence on the first day after the end of that period.

 

3.  Schedule 1, items 49 and 50

On the first day after the end of the period of 6 months beginning on the day on which the provision(s) covered by table item 2 commence.

 

4.  Schedule 1, items 51 to 120

At the same time as the provision(s) covered by table item 2.

 

5.  Schedule 1, item 121

At the same time as the provision(s) covered by table item 3.

 

6.  Schedule 1, items 122 to 133

At the same time as the provision(s) covered by table item 2.

 

7.  Schedule 2, items 1 to 10

At the same time as the provision(s) covered by table item 2.

 

8.  Schedule 2, item 11

At the same time as the provision(s) covered by table item 3.

 

9.  Schedule 2, item 12

At the same time as the provision(s) covered by table item 2.

 

10.  Schedules 3 to 6

At the same time as the provision(s) covered by table item 2.

 

Note:          This table relates only to the provisions of this Act as originally passed by both Houses of the Parliament and assented to. It will not be expanded to deal with provisions inserted in this Act after assent.

             (2)  Column 3 of the table contains additional information that is not part of this Act. Information in this column may be added to or edited in any published version of this Act.

3   Schedule(s)

                   Each Act 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.