Our feedback welcomed the proposed changes and highlighted areas where further clarification could be provided.

New Zealand

We welcomed the inclusion of guidance for licensed insolvency practitioners from new Zealand seeking registration in Australia. The guidance clarifies how the experience gained in undertaking external administrations in New Zealand meets elements of an application and, where an application for registration is successful, that the ongoing obligations of registration in Australia apply.

Small Business Restructuring (SBR)

Drawing out specific application requirements when seeking to be a registered liquidator with the condition of only conducting SBRs clarifies the singular appointment such a practitioner may accept.

We did seek further clarity on the competencies that could be expected of applicants. For example, the guidance suggests being competent in the realisation of company assets. Yet, in a SBR it is the directors, not the registered liquidator that can deal with assets. We recommended changing the wording to demonstrating knowledge of the methods of sale of  company assets..

Overall

We acknowledged that separating guidance by conditions significantly increases the volume of the guide and drew attention to paragraphs that may be able to be removed.

We thank our members for contributing their expert knowledge and consider the proposed changes will improve the accessibility of the regulatory guide.