Chapter 1 - Introduction

[1]        Votes and Proceedings, No. 57, 1 June 2017, p. 810.

[2]        Journals of the Senate, No. 44, 15 June 2017, p. 1433.

[3]        See National Innovation and Science Agenda, December 2015, p. 7.

[4]        The Hon Michael McCormack MP, Minister for Small Business, House of Representatives Hansard, 1 June 2017, p. 6011.

[5]        The Hon Michael McCormack MP, Minister for Small Business, House of Representatives Hansard, 1 June 2017, p. 6012.

[6]        Explanatory Memorandum, p. 10.

[7]        Explanatory Memorandum, p. 22.

[8]        Explanatory Memorandum, p. 27.

[9]        Explanatory Memorandum, p. 11.

[10]      See proposed ss. 588GA(7).

[11]      Explanatory Memorandum, p. 11.

[12]      Explanatory Memorandum, p. 9.

[13]      Corporations Act 2001, s. 588G.

[14]      Explanatory Memorandum, p. 5.

[15]      The Hon Michael McCormack MP, Minister for Small Business, House of Representatives Hansard, 1 June 2017, pp. 6011–6012.

[16]      Explanatory Memorandum, p. 25.

[17]      Explanatory Memorandum, p. 25.

[18]      Productivity Commission, Business Set-up, Transfer and Closure, No. 75, September 2015, p. 387.

[19]      Productivity Commission, Business Set-up, Transfer and Closure, No. 75, September 2015, p. 398.

[20]      See Australian Government response to the Productivity Commission inquiry into Business Set-up, Transfer and closure, May 2017, p. 23.

[21]      See National Innovation and Science Agenda, December 2015, p. 7.

[22]      Explanatory Memorandum, p. 43.

[23]      Explanatory Memorandum, p. 45.

[24]      Parliamentary Joint Committee on Human Rights, Human rights scrutiny report: Report 5 of 2017, June 2017, p. 49.

[25]      Explanatory Memorandum, p. 4.

                                   Chapter 2 - Views on the bill

[1]        EY, Submission 9, p. 3.

[2]        Australian Small Business and Family Enterprise Ombudsman, Submission 7, p. 2.

[3]        Law Council of Australia, Submission 10, p. 1.

[4]        Australian Institute of Company Directors, Submission 16, p. 1.

[5]        Australian Institute of Company Directors, Submission 16, p. 1.

[6]        Chartered Accountants Australia and New Zealand, Submission 8, p. 1.

[7]        Mr Geoff Green, Submission 3, p. 1.

[8]        Australian Small Business and Family Enterprise Ombudsman, Submission 7, p. 1.

[9]        Australian Bankers' Association, Submission 13, p. 1.

[10]      Law Council of Australia, Submission 10, p. 3.

[11]      Ashurst, Submission 6, p. 5.

[12]      TMA Australia, Submission 5, p. 3.

[13]      Australian Institute of Company Directors, Submission 16, p. 9.

[14]      SV Partners, Submission 4, p. 2.

[15]      Explanatory Memorandum, p. 11.

[16]      See proposed ss. 588GA(7).

[17]      Jones Day, Submission 1, p. 2.

[18]      Herbert Smith Freehills, Submission 17, p. 3.

[19]      Jones Day, Submission 1, p. 2.

[20]      Australian Institute of Company Directors, Submission 16, p. 6.

[21]      Ashurst, Submission 6, p. 5.

[22]      Housing Industry Association, Submission 11, p. 7.

[23]      EY, Submission 9, p. 1.

[24]      Herbert Smith Freehills, Submission 17, p. 5.

[25]      Australian Institute of Company Directors, Submission 16, p. 4.

[26]      Australian Institute of Company Directors, Submission 16, p. 4.

[27]      Australian Institute of Company Directors, Submission 16, p. 4.

[28]      Australian Institute of Company Directors, Submission 16, pp. 4–5.

[29]      See proposed para. 588GA(2)(d).

[30]      Illegal phoenix activity is when a new company is created to continue the business of a company that has been deliberately liquidated to avoid paying its debts.

[31]      See, for example, Law Council of Australia, Submission 10, p. 3; Henry Davis York, Submission 14, p. 2; KordaMentha, Submission 12, p. 1.

[32]      Law Council of Australia, Submission 10, p. 3.

[33]      Australian Securities and Investments Commission, Submission 2, p. 2.

[34]      Australian Restructuring Insolvency and Turnaround Association, Submission 18, p. 2.

[35]      Australian Restructuring Insolvency and Turnaround Association, Submission 18, p. 2.

[36]      Australian Institute of Credit Management, Submission 19, pp. 1–2.

[37]      TMA Australia, Submission 5, p. 2.

[38]      TMA Australia, Submission 5, p. 2.

[39]      Clayton Utz, Submission 15, p. 3.

[40]      Australian Institute of Company Directors, Submission 16, p. 7.

[41]      See, for example, Australian Small Business and Family Enterprise Ombudsman, Submission 7, p. 1; Law Council of Australia, Submission 10, p. 2; Australian Institute of Company Directors, Submission 16, p. 6.

[42]      Australian Institute of Company Directors, Submission 16, p. 6.

[43]      Australian Small Business and Family Enterprise Ombudsman, Submission 7, p. 1.

[44]      See Productivity Commission, Business Set-up, Transfer and Closure, No. 75, September 2015, pp. 426–429.

[45]      Australian Restructuring Insolvency and Turnaround Association, Submission 18, pp. 2, 6–7.

[46]      Law Council of Australia, Submission 10, p. 2.

[47]      Henry Davis York, Submission 14, p. 2.

[48]      See, for example, EY, Submission 9, p. 2; Australian Institute of Company Directors, Submission 16, p. 10.

[49]      Australian Institute of Company Directors, Submission 16, p. 10.

[50]      Mr Geoff Green, Submission 3, p. 1.

[51]      Explanatory Memorandum, p. 41.

[52]      Mr Geoff Green, Submission 3, p. 1.

[53]      Ashurst, Submission 6, p. 10.

[54]      Law Council of Australia, Submission 10, p. 4.

[55]      Law Council of Australia, Submission 10, pp. 4–5.

[56]      KordaMentha, Submission 12, p. 2.

[57]      Explanatory Memorandum, p. 31.

[58]      A deed of company arrangement (DOCA) is a binding arrangement between a company and its creditors governing how the company's affairs will be dealt with, which is accepted by creditors as the outcome of a voluntary administration.

[59]      Herbert Smith Freehills, Submission 17, p. 5.

[60]      Herbert Smith Freehills, Submission 17, p. 5.

[61]      Herbert Smith Freehills, Submission 17, p. 6.

[62]      See, for example, Ashurst, Submission 6, p. 10; Australian Bankers' Association, Submission 13, p. 2; Herbert Smith Freehills, Submission 17, p. 6.

[63]      Henry Davis York, Submission 14, p. 3.

[64]      Ashurst, Submission 6, p. 10.

[65]      Herbert Smith Freehills, Submission 17, p. 6. See also Australian Bankers' Association, Submission 13, p. 2.

[66]      Law Council of Australia, Submission 10, p. 5.

[67]      Australian Restructuring Insolvency and Turnaround Association, Submission 18, p. 8. See also EY, Submission 9, p. 2.