The Corporations and Other Legislation Amendment (Trustee Companies and Other Measures) Bill 2011 has been introduced into Commonwealth Parliament.

Amongst other things, the Bill provides an administrative process for the voluntary transfer of estate assets and liabilities from a transferring entity (generally, a trustee company previously authorised under State or Territory legislation) to a trustee company prescribed by the Corporations egulations 2001.

It also strengthens the compulsory transfer regime, specifies criteria for the Minister to consider when assessing trustee company applications, makes it an offence for a person to falsely represent itself to be a licensed trustee company, and replaces the now outdated term ‘authorised trustee corporation’.

UPDATE: Bill passed both Houses 21 March 2011
Assent received 12 April 2011