On 23 August 2016 the Minister for Revenue and Financial Services announced that the commencement of a portion of the Insolvency Law Reform Act will be delayed until 1 September 2017
The delay comes off the back of the lengthy government caretaker period during the federal election, which halted all work on the Insolvency Practice Rules. The Rules are not likely to be formalised till December 2016.
The purpose for this partial delay is to provide industry members with enough time to become compliant with the Act by the scheduled commencement date, including adjusting their IT systems and/or completing necessary staff retraining.
Commencing 1 March 2017 as originally planned
Commencing 1 September 2017
If you require any further assistance or information, please contact our Debt Recovery & Insolvency team via email at Stipe.Vuleta@Chamberlains.com.au or call our office on 02 6215 9100.