The regulation, registration and remuneration of insolvency practitioners in Australia: the case for a new framework

14 September 2010

© Commonwealth of Australia 2010
ISBN 978-1-74229-227-4

View the report as a single document - (PDF 1704KB)

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View the report as separate downloadable parts:

Membership of Committee	(PDF 174KB)
Acronyms	(PDF 9KB)
Glossary [1]	(PDF 56KB)
List of Recommendations	(PDF 129KB)
Chapter 1 - Introduction	(PDF 62KB)
Background The focus of the inquiry Conduct of the inquiry Acknowledgements Past inquiries and reform Context of the inquiry Key themes and the structure of the report
PART 1 - An overview of the corporate insolvency industry in Australia	(PDF 136KB)
Market size Industry profile ASIC's activities Final comment
Chapter 3 - The role and duties of liquidators and administrators in the insolvency process in Australia	(PDF 276KB)
The administration of companies in financial difficulty The role of an administrator—an overview The role of a receiver—an overview The role of a liquidator—an overview Secured and unsecured creditors Voluntary administration Deeds of company arrangement Receivership Creditors' scheme of arrangement Winding up (liquidation) Treatment of employees' entitlements Duties and responsibilities of a liquidator and the 'fit and proper' provisions of the Corporations Act
Chapter 4 - The role of the regulator, disciplinary body and industry representative: ASIC, the CALDB and the IPAA	(PDF 55KB)
Australian Securities and Investments Commission Companies Auditors and Liquidators Disciplinary Board Insolvency Practitioners Association of Australia
PART II - The evidence that the regulation of the insolvency industry needs reform	(PDF 143KB)
The Ariff case Other disciplinary cases Submitters' reflections on the state of the insolvency industry Summary
Chapter 6 - The evidence of regulatory failure and the need for a more proactive approach	(PDF 128KB)
Identifying regulatory failure Criticism of ASIC's role Criticism of the Companies Auditors and Liquidators Disciplinary Board Summary
Chapter 7 - The system for registering insolvency practitioners	(PDF 147KB)
The registration process Broadening the practitioner base An interview process A written examination Professional Indemnity Insurance A licensing regime Stratifying registration A single registration body Professional education Summary
Chapter 8 - The remuneration of liquidators and administrators	(PDF 132KB)
Background Chapter outline Methods of charging The level of fees charged by liquidators and administrators Disbursements Priority payment for liquidators The regulation of liquidators' and administrators' fees The need for better data on fees in the insolvency industry Summary
PART III - Reforming Australia's corporate insolvency system	(PDF 79KB)
A familiar theme The need for better data on insolvencies Options for reform Committee view
Chapter 10 - Options to improve the framework for regulating and remunerating the insolvency profession in Australia	(PDF 165KB)
A specialised insolvency regulatory agency Proactive regulation The Companies Auditors and Liquidators Disciplinary Board An Insolvency Ombudsman Voluntary administration and Chapter 11 Bankruptcy process Remuneration Registering practitioners Summary
Chapter 11 - The committee's views and recommendations	(PDF 125KB)
Regulating the profession Proactive surveillance An Insolvency Ombudsman Registration Remuneration Better data A final comment
APPENDIX 1 - Submissions Received	(PDF 19KB)
APPENDIX 2 - Public Hearing and Witnesses	(PDF 39KB)

For further information, contact:

Department of the Senate
PO Box 6100
Parliament House
Canberra ACT 2600
Australia

Phone:	+61 2 6277 3540
Fax:	+61 2 6277 5719
Email:	economics.sen@aph.gov.au