Improving bankruptcy and insolvency laws

Friday, 27 May 2016

The AICD has provided comment to the Australian Government in response to its paper Improving bankruptcy and insolvency laws.

We recognise that a well-functioning insolvency regime that supports innovation is integral to the nation’s long-term interests.

Proposed changes to insolvency laws will begin a transformation of the Australian economy by allowing companies and directors to take the necessary risks to innovate. The potential of these changes – subject to getting the legislation right – cannot be underestimated. They will save rather than destroy billions in wealth and tens of thousands of jobs. Directors of an ailing company should be given a fair opportunity to take reasonable steps to turnaround viable businesses for the benefit of all.

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