Corporations (Insolvency Practice Schedule) Amendment Delegations 2021

Overview

The Corporations (Insolvency Practice Schedule) Amendment Delegations 2021 was enacted in 2021 to update the Insolvency Practice Schedule under the Corporations Act 2001. This notifiable instrument was introduced to address the need for the timely appointment of authorised representatives to the Insolvency Practice Committee, ensuring that the committee's membership remains current and reflective of relevant expertise. The enacting body for this instrument is Michael Sukkar, serving as the Assistant Treasurer and Minister for Housing, Minister for Homelessness, Social and Community Housing. The policy objective is to maintain the efficacy and relevance of the Insolvency Practice Committee by enabling the timely appointment of authorised representatives. The instrument amends the Corporations (Insolvency Practice Schedule) Delegations 2021, specifically updating the list of authorised representatives who can act on behalf of liquidators and trustees in insolvency matters. The amendments include the substitution of certain named representatives and the repeal of others, alongside adjustments to the review schedule for specific paragraphs. This ensures the committee's continued ability to perform its functions effectively.

Scope and Application

The Corporations (Insolvency Practice Schedule) Amendment Delegations 2021 is an instrument made under the Corporations Act 2001, with the authority vested in Michael Sukkar, the Assistant Treasurer and Minister for Housing, Minister for Homelessness, Social and Community Housing. The instrument amends the Corporations (Insolvency Practice Schedule) Delegations 2021, modifying specific paragraphs and notes within the schedule. The instrument commenced the day after its registration, as detailed in the table within the instrument. The amendments involve repealing certain paragraphs and substituting new names in their place, as well as modifying the review dates for certain paragraphs. The instrument's amendments are confined to the Insolvency Practice Schedule and do not extend to other areas or instruments, unless otherwise specified in the Schedules.

Key Provisions

The Corporations (Insolvency Practice Schedule) Amendment Delegations 2021I, issued by Michael Sukkar, who holds several ministerial roles including Assistant Treasurer, Minister for Housing, and Minister for Homelessness, Social and Community Housing, primarily amends the delegations under the Corporations (Insolvency Practice Schedule) Delegations 2021. These amendments, detailed in Schedule 1, involve repealing and substituting certain paragraphs and notes within the Insolvency Practice Schedule. For instance, Paragraph 7(2)(c) is repealed and substituted with Mr. Andrew (John) Caruso (item 1 of Schedule 1), while Paragraph 7(2)(f) is repealed and substituted with Mr. Peter McCluskey (item 2 of Schedule 1). Paragraph 7(2)(g) is repealed entirely (item 3 of Schedule 1). Additionally, Paragraph 7(2)(i) is repealed and substituted with Mr. Stephen James Parbery, and a new paragraph (j) is introduced with Mr. Anthony Scarff (item 4 of Schedule 1). Lastly, the notes under Subsection 7(2) are repealed and substituted with new review dates for certain paragraphs (item 5 of Schedule 1). This Act imposes specific obligations on the parties governed by the Corporations Act 2001. These include compliance with the new delegations as stipulated in the amended Insolvency Practice Schedule. Notably, the new delegates, such as Mr. Andrew (John) Caruso and Mr. Peter McCluskey, must adhere to the statutory requirements and duties associated with their roles as insolvency practitioners. Moreover, the review requirements set forth in the substituted notes mandate that certain paragraphs be reviewed by specific deadlines, ensuring ongoing compliance and relevance of the delegations. Failure to comply with the provisions of this Act may result in legal consequences. While the specific offences, penalties, or consequences are not detailed within the text of this instrument, breaches of the Corporations Act 2001 generally may lead to both civil and criminal penalties. Civil penalties can include fines and other monetary sanctions, whereas criminal penalties can involve imprisonment, reflecting the seriousness with which the law treats non-compliance. The exact penalties would depend on the nature and severity of the breach, as outlined in the broader context of the Corporations Act 2001.