Federal Court (Corporations) Amendment (Insolvency Law Reform) Rules 2017
6 December 2017
Significant regulatory reforms of Australia’s insolvency laws and industry were made by the Insolvency Law Reform Act 2016. These included a large number of amendments to the Corporations Act.
As part of these reforms, the Insolvency Practice Schedule (Corporations) (supported by the Insolvency Practice Rules (Corporations) 2016) took effect as Schedule 2 to the Corporations Act. In conjunction, a number of procedural provisions of the former Corporations Act were replaced by equivalent provisions in the new Insolvency Practice Schedule (Corporations).
Consequently, the Federal Court (Corporations) Rules 2000 have been amended by the Federal Court (Corporations) Amendment (Insolvency Law Reform) Rules 2017, with effect from 6 December 2017.
These amendments include, among other things, removing and substituting some terms following the repeal of some definitions in the Corporations Act; removing or substituting a number of references in rules and notes to rules to repealed sections of the Corporations Act with references, where appropriate, to equivalent replacement provisions in the new Insolvency Practice Schedule (Corporations); removing some rules or subrules made redundant as a result of some of the reforms to some insolvency administration processes; and removing and substituting some rules and subrules following changes to some insolvency administration processes.
If you have any queries, please contact me on (02) 9230 8336.
Deputy Principal Registrar