The Senate Economics Committee has released its report The regulation, registration and remuneration of insolvency practitioners in Australia: the case for a new framework.
Amongst other things, the Report recommends that:
- the corporate insolvency arm of ASIC be transferred to ITSA to form the Australian Insolvency Practitioners Authority (AIPA);and
- the government commission the Australian Law Reform Commission to inquire into the opportunities to harmonise Australia’s personal insolvency and corporate insolvency legislation.
