Milestones in Bankruptcy and Insolvency Laws

This year marks the occasion of the 40th anniversary of the implementation of the Bankruptcy Act 1966 (Cth) and the 80th anniversary of the implantation of its predecessor, the Bankruptcy Act 1924 (Cth). Notwithstanding prior recommendations that Australia’s personal bankruptcy regime be merged with its corporate insolvency regime, the most recent report suggests it unnecessary instead opining that harmonisation between the two regimes be encouraged where possible. Amendments to personal and corporate insolvency laws are relatively few, 2007 saw minor amendment to Australia’s corporate insolvency provisions, the first of any significance since those recommended in 1988.