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Insolvency Law Reform Bill 2014

What is insolvency reform?
Insolvency reforms establishing reorganization procedures are of paramount importance as they reduce liquidation of profitable businesses.
The highest recovery rates are recorded in economies where reorganization is the most common insolvency proceeding for solvent businesses undergoing financial distress.
What is the aim of insolvency law?
Unlike other laws (e.g., foreclosure laws), an insolvency law is designed to address a situation in which a debtor is no longer able to pay its debts to its creditors generally (rather than individually) and, in that context, provides a mechanism that will provide for the equitable treatment of all creditors.
What are the corporate insolvency reforms?
Amends the: Corporations Act 2001 to: establish a debt restructuring process for eligible small companies and provide temporary relief for eligible companies seeking to enter the process; and expand the situations where documents relating to the external administration of a company may be given electronically and allow
Cross-border insolvency (sometimes called international insolvency) regulates the treatment of financially distressed debtors where such debtors have assets or creditors in more than one country.

What is insolvency reform?