ARITA Submission: Response to Productivity Commission draft report on Business Set-Up, Transfer & Closure

ARITA has lodged a submission with the Productivity Commission in response to its draft report on Business Set-up, Transfer and Closure in Australia issued in May 2015.

ARITA's submission  primarily focused on the personal insolvency and business restructuring aspects of the draft report (chapters 13-15) and the key points are that ARITA:

• generally supports the Commission’s recommendation to reduce the period of bankruptcy to one year
• agrees with the Commission’s draft findings 14.1 and 14.2
• has concerns with the Commission's draft recommendation 15.1
• has concerns with the Commission's draft recommendation 15.2
• generally supports the Commission's draft recommendation 15.3
• generally supports the Commission's draft recommendation 15.4
• supports the Commission's draft recommendation 15.5
• sees significant practical implementation issues with the Commission's draft recommendation 15.6
• supports the Commission's draft recommendation 15.7; and
• supports the Commission's draft recommendation 15.8.

A copy of ARITA's full submission can be downloaded here and a copy of the Commission's draft report is available here.

If members have any queries regarding the submission, they should contact a member of the Specialist Insolvency Team.