Final Insolvency Practice Rules (and related regulations) released
The final piece of the law reform puzzle, the Insolvency Practice Rules (Corporations) 2016 (IPRs), was today registered on the Federal Register of Legislation. The IPRs were formally ‘made’ by the Minister for Revenue and Financial Services on 12 December 2016. The final, registered version of the Insolvency Practice Rules (Bankruptcy) 2016 has not yet been released.
The ‘split commencement’ of the Insolvency Law Reform Act 2016 (ILRA) and related legislative instruments – previously foreshadowed by ministerial announcement and exposure draft regulations – has been formalised in both the IPRs and ancillary regulations.
The IPRs provide that Parts 1 and 2 (registration and discipline of practitioners) will commence on 1 March 2017, while Part 3 (general rules relating to external administrations) will commence on 1 September 2017.
Similarly, the Insolvency Law Reform (Transitional Provisions) Regulation 2016 and the Corporations and Other Legislation Amendment (Insolvency Law Reform) Regulation 2016 (registered on 9 and 13 December respectively) provide for transitional arrangements and legislative modifications to the ILRA which reflect the same split commencement and timing.
The final, registered legislative instruments (including the IPRs) can be accessed at the Federal Register of Legislation.
In 2017, ARITA will provide comprehensive training and detailed guidance on the substance and practical application of the ILRA and IPRs. Detailed information on ARITA’s law reform training is available here.