EXPLANATORY STATEMENT
Proclamation
Issued by the authority of the Parliamentary Secretary to the Treasurer
Corporations Amendment (Insolvency) Act 2007
Item 2 in the Table in subsection 2(1) of the Corporations Amendment (Insolvency) Act 2007 (the Act) provides that items 1 to 48 of Schedule 1 to the Act commence on a single day to be fixed by Proclamation. The Act received the Royal Assent on 20 August 2007.
Most of the remaining provisions of the Act also commence at the same time as items 1 to 48 of Schedule 1 to the Act. Items 4, 6, 7, 9 and 10 in the Table in subsection 2(1) of the Act provide that items 51 to 120, items 122 to 133 of Schedule 1, items 1 to 10 of Schedule 2, item 12 of Schedule 2 and Schedules 3 to 6 commence at the same time as the provision(s) covered by item 2 of the Table.
Items 3, 5 and 8 in the Table in subsection 2(1) of the Act provide that items 49, 50 and 121 of Schedule 1 to the Act, and item 11 of Schedule 2 commence six months after the commencement of the provisions covered by Table item 2. These items commence at this later time to avoid any possible retrospective effects flowing from the new obligation to set out a company’s former name on its public documents if a change of name takes effect within the six months before commencement of an external administration and the new requirement for a liquidator to lodge a report about certain matters within six months of becoming aware of those matters.
The Proclamation provides that items 1 to 48 of Schedule 1, and, as a consequence, the remaining items of the Act (apart from the four items mentioned above) commence on 31 December 2007.
The Proclamation is a legislative instrument for the purposes of the Legislative Instruments Act 2003.