The Australian Restructuring Insolvency & Turnaround Association (ARITA) said existing rules were outdated and overly complex.
“ARITA has been seeking a root and branch review of our personal and corporate insolvency regimes for more than half a decade,” ARITA chief executive John Winter said.
“There has not been a proper consideration of Australia’s insolvency laws since the Harmer Inquiry of the 1980s despite an economy that has fundamentally changed.”
He said the Albanese government had picked up the issue and while Australia led the way in some areas, revision of the rules was long overdue.
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