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    ISSN 1328‐8091  Parliament of Australia Department of Parliamentary Services BILLS DIGEST NO. 19, 2010-11  18 October 2010 Corporations Amendment (Sons of Gwalia) Bill 2010  This is a later edition of a Bills Digest previously prepared for the 42nd  Parliament  Morag Donaldson  Law and Bills Digest Section  Contents  Purpose .................................................................................................................................................... 2  Background .............................................................................................................................................. 2  Decision in Sons of Gwalia ............................................................................................................. 2  Recent corporate insolvency law reform proposals ...................................................................... 3  Proposed section 563A of the Corporations Act ........................................................................... 4  Committee consideration ................................................................................................................... 5  Financial implications ............................................................................................................................... 5  Key provisions .......................................................................................................................................... 5      2  Corporations Amendment (Sons of Gwalia) Bill 2010    Corporations Amendment (Sons of Gwalia) Bill 2010  Date introduced:  29 September 2010  House:  House of Representatives  Portfolio:  Treasury  Commencement:  The formal provisions commence on Royal Assent. Schedule 1  commences the day after Royal Assent.1  Links: The links to the Bill, its Explanatory Memorandum and second reading speech  can be found  on the Bills home page, or through http://www.aph.gov.au/bills/. When bills have been passed they  can be found at the ComLaw website, which is at http://www.comlaw.gov.au/.  This Bill lapsed on the proroguing of Parliament in July 2010. It has been re‐introduced without  any significant changes.  Purpose  The main purpose of the Bill is to amend the Corporations Act 2001 (the Corporations Act) to reverse  the effects of the decision of the High Court of Australia in Sons of Gwalia Ltd v Margaretic [2007]  HCA 1; (2007) 231 CLR 160; (2007) 232 ALR 232; (2007) 81 ALJR 525 (Sons of Gwalia).2  Background  Decision in Sons of Gwalia  In Sons of Gwalia, the High Court determined that section 563A of the Corporations Act, as currently  worded, did not subordinate certain compensation claims by shareholders below the claims of other 

DEPARTMENT OF THE PARLIAMENTARY LIBRARY Parliamentary Research Service CorporationsLawAmendmentBill1995 Bills Digest No. 46 1995-96 This Digest has been prqJtJlVl for g~nauJ distribution 10 Itt~mbn's of Ih~ Australian Parliame.nL ReadersOUtsiM th~ Parliammtan nmimkdthatthis is not an Australian Govunmmtdoat.mmt, but a doom'Drtf1'1'IXUVJ by th~ BilU DigesJSuviceandpl4blisht!d bl th~ ParliamentaryReuarch&ni« to contribu.t~ to

Parliamentary Research Service Department of the Parliamentary Library WARNING: This Digest was prepared for debate and should not be taken as a complete guide to the legislation which may reflect amendments. C) ~) Companies (Insolvency Assistance) Amendment Bill 1990 Date Introduced: 5 December 1990 House: House of Representatives Portfolio: Attorney-General