Final Bankruptcy Rules Released

At the time of our previous update of 19 December 2016 - announcing the release of the final Insolvency Practice Rules (Corporations) 2016 - the final rules for bankruptcy practice were not yet available. 

We can confirm that the final Insolvency Practice Rules (Bankruptcy) 2016 have since been registered on the Federal Register of Legislation, available here. The IPRs (Bankruptcy) were formally ‘made’ by the Attorney-General on 19 December 2016.   

The IPRs provide that Parts 1 and 2 (registering and disciplining practitioners) will commence on 1 March 2017, while Part 3 (general rules relating to estate administrations) will commence on 1 September 2017.