ADIA is the peak business organisation representing manufacturers and suppliers of dental products. Our vision is for an industry that empowers oral health professionals to advance the health and wellbeing of all Australians...................... — ADIA Strategic Plan

Member Consultation —
Insolvency Practice Rules Implementation

A
To provide businesses across the dental industry with the opportunity to contribute to changes that affect the commercial, technical and regulatory environment the Australian Dental Industry Association (ADIA) seeks member advice and guidance when making representations to government.

The following details pertain to an invitation that ADIA has received from the Australian Government to tender comment on behalf of the dental industry and appropriate representations have / are being made.
a

Subject:

2016 Insolvency Practice Rules & Other Legislative Amendments

Status:

OPEN

Comment Due Date:

Monday, 31 October 2016

Department / Agency:

The Treasury

Background:

The Treasury is seeking comment from the dental industry on draft legislative instruments to give full effect to the Insolvency Law Reform Act (Cth) 2016. This legislation was introduced to streamline the Bankruptcy Act (Cth) 1966 and the Corporations Act (Cth) 2010 with the intent of removing unnecessary costs and increase efficiency in insolvency administrations and enhancing communication and transparency between stakeholders;

Purpose:

The Insolvency Law Reform Act (Cth) 2016 received Royal Assent on 28 February 2016. Two of the key objectives of this legislation are to align and modernise the registration and disciplinary frameworks that apply to registered liquidators and registered trustees and also to align and modernise a range of specific rules relating to the handling of corporate external administrations and personal bankruptcy.

The Treasury is seeking advice on a number of legislative instruments are required to give full effect to the Insolvency Law Reform Act (Cth) 2016, namely the:

Insolvency Practice Rules (Corporations) 2016

This provides a range of rules regarding the external administration of companies and the registration and discipline of external administrators.

Insolvency Practice Rules (Bankruptcy) 2016

This provides a range of rules regarding the external administration of private individuals and the registration and discipline of bankruptcy trustees.

Corporations and Other Legislation Amendment (Insolvency Law Reform) Regulation 2016 —

This amends the Bankruptcy Regulations 1996, Corporations Regulations 2001 and other relevant regulations consequential on the Insolvency Practice Rules. This instrument also provides for the partial delay of the corporate law amendments under the Act.

Insolvency Law Reform (Transitional Provisions) Regulation 2016 —

This provides for the partial delay of the personal insolvency amendments under the Act.

Corporations (Fees) Amendment Regulation 2016 —

This for the change of fees required due to the Insolvency Practice Rules (Corporations) 2016.

From time to time, ADIA member businesses are affected when a business is placed into administration thus dental industry is reviewing the aforementioned documents. The intent of ADIA's review is the ensure that regulation of bankruptcies and personal insolvency agreements to give greater control to creditors, a stated intended outcome of the new framework.

Documents:



Insolvency Practice Rules (Corporations) 2016
Insolvency Practice Rules (Bankruptcy) 2016
Corporations and Other Legislation Amendment Regulation 2016
Insolvency Law Reform (Transitional Provisions) Regulation 2016
Corporations (Fees) Amendment Regulation 2016

Member Engagement:

ADIA-BAC Business Affairs Committee

Comments To:

ADIA Policy team via email at canberra@adia.org.au

a
ADIA member businesses with an interest in this issue are invited to comment by forwarding your thoughts via email to canberra@adia.org.au by the due date. Although comments of a technical / legal nature are welcome, a simple plain-English statement as to the extent this reform proposal will / will not affect your business is all that's required as such advice greatly assists ADIA in advocating on behalf of the dental industry, particularly in the context of our support for small business.

In pursuing policy reforms the work of the Association is set out in the ADIA Advocacy Agenda that seeks to create an environment in which businesses in the dental industry can grow, create jobs and operate sustainably.

Be sure to keep up to date on this issue by following ADIA on Facebook at www.facebook.com.au/dental.industry and by subscribing to the Twitter feed @AusDental. Members requiring further information can send an email to policy@adia.org.au or telephone 1300 943 094.


This information is available for your use under a Creative Commons Attribution 3.0 Australia licence, with the exception of the ADIA logo, other images and where otherwise stated.

A — A D I A . .S T R A T E G I C . .A L L I A N C E S

a

Dental Industry News

  • ADIA's New National President - Tanya McRae

    1st Nov 18

    The nation’s dental industry has new leadership with the election of Ms Tanya McRae as National President of the Australian Dental Industry Association (ADIA) for a two-year term. More

  • Action Plan To Help Remove Non-Tariff Barriers

    10th Dec 18

    The Australian Government has launched a new Action Plan to help Australian businesses tackle trade barriers, helping them to get their goods into overseas markets faster, with greater ease and at a lower cost. More