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Bankruptcy Amendment (Enterprise Incentives) Bill 2017

The submission to the Senate Legal and Constitutional Affairs Legislation Committee regarding the Bankruptcy Amendment (Enterprise Incentives) Bill 2017 was prepared by the Law Council. The Law Council acknowledges the assistance of its Insolvency and Reconstruction Committee of the Business Law Section and the Law Society of New South Wales in the preparation of this submission.

The Law Council’s focus on the specific provisions of the Bill is to ensure that the proposed changes do not unduly burden practitioners administering the process.

Background

The Bill seeks to implement changes announced on 7 December 2015 as part of the National Innovation and Science Agenda. Public consultation followed the issuing of Treasury Discussion Paper ‘National Innovation and Science Agenda – Improving bankruptcy and insolvency laws’ dated 29 April 2016 (Discussion Paper).

The Business Law Section made a previous submission to Treasury dated 26 May 2016 which touched on matters including the proposed changes to bankruptcy law set out in the Discussion Paper.

You can read the full submission below.

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