Improving bankruptcy and insolvency laws

  • Date:27 May 2016
  • Type:Policy Submission

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.

You can read our submission here (355 KB).