Note: Where available, the PDF/Word icon below is provided to view the complete and fully formatted document
Corporations Amendment (Corporate Insolvency Reforms) Bill 2020

2019-2020

 

The Parliament of the

Commonwealth of Australia

 

HOUSE OF REPRESENTATIVES

 

 

 

 

Presented and read a first time

 

 

 

 

Corporations Amendment (Corporate Insolvency Reforms) Bill 2020

 

No.      , 2020

 

(Treasury)

 

 

 

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

   

   



Contents

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

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

3............ Schedules............................................................................................ 2

Schedule 1—Restructuring of a company                                                               3

Part 1—Core provisions                                                                                                3

Corporations Act 2001                                                                                                3

Part 2—Consequential amendments                                                                     48

Banking Act 1959                                                                                                       48

Corporations Act 2001                                                                                              48

Insurance Act 1973                                                                                                    76

Life Insurance Act 1995                                                                                            76

Payment Systems and Netting Act 1998                                                                 76

Personal Property Securities Act 2009                                                                  77

Taxation Administration Act 1953                                                                          78

Schedule 2—Temporary relief for companies seeking a restructuring practitioner          80

Corporations Act 2001                                                                                              80

Schedule 3—Simplified liquidation                                                                            87

Bankruptcy Act 1966                                                                                                 87

Corporations Act 2001                                                                                              87

Schedule 4—Virtual meetings and electronic communications                 95

Part 1—Definitions relating to virtual meetings and electronic communications                95

Corporations Act 2001                                                                                              95

Part 2—Provisions relating to insolvency                                                          99

Corporations Act 2001                                                                                              99

 

 



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

The Parliament of Australia enacts:

1   Short title

                   This Act is the Corporations Amendment (Corporate Insolvency Reforms ) Act 2020 .

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

1 January 2021.

1 January 2021

3.  Schedule 2

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

 

4.  Schedule 3

1 January 2021.

1 January 2021

5.  Schedule 4

The day after this Act receives the Royal Assent.

 

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.