On 6 May, CA ANZ and CPAA provided a joint submission to the Treasury on amendments to the corporate insolvency reforms introduced in January 2021.

While broadly supporting the amendments, we did not support changing the role of a restructuring practitioner. Currently, a restructuring practitioner acts as an agent of the company under restructure while the amendments sought to add ‘may’ act as an agent. This appeared to create confusion and add red tape for no discernible benefit. 

For indigenous corporations, we supported the option, if a Special Administrator is appointed while a restructure is in progress, for the restructuring practitioner to work collaboratively with the Special Administrator.

We would like to thank the members of CA ANZ and CPAA for contributing to this submission.