Federal Court (Bankruptcy) Amendment (Insolvency and Other Measures) Rules 2017 take effect on 1 September 2017
August 30, 2017 |
The Federal Court (Bankruptcy) Amendment (Insolvency and Other Measures) Rules 2017 comes into effect on 1 September 2017. That willcoincide with the commencement of the second tranche of amendments made by the Insolvency Law Reform Act 2016. That deals with insolvency administration processes.
The reforms include:
- As part of the second tranche of the reforms, the Insolvency Practice Schedule (Bankruptcy) (supported by the Insolvency Practice Rules (Bankruptcy) 2016) will take effect as Schedule 2 to the Bankruptcy Act.
- a number of procedural provisions of the former Bankruptcy Act are replaced by equivalent provisions in the new Insolvency Practice Schedule (Bankruptcy).
Amendments are also included to provide better guidance on the powers of the Court under the harmonised rules which may be exercised by Registrars.
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