Corporations (Insolvency Practice Schedule) Amendment Delegations 2024
I, Stephen Jones, Assistant Treasurer and Minister for Financial Services, make the following delegations.
Dated 26 February 2024
Stephen Jones
Assistant Treasurer
Minister for Financial Services
Contents
1 Name
2 Commencement
3 Authority
4 Schedules
Schedule 1—Amendments
Corporations (Insolvency Practice Schedule) Delegations 2021
1 Name
This instrument is the Corporations (Insolvency Practice Schedule) Amendment Delegations 2024.
2 Commencement
(1) Each provision of this instrument specified in column 1 of the table commences, or is taken to have commenced, in accordance with column 2 of the table. Any other statement in column 2 has effect according to its terms.
Commencement information |
Column 1 | Column 2 | Column 3 |
Provisions | Commencement | Date/Details |
1. The whole of this instrument | 2 March 2024. | |
Note: This table relates only to the provisions of this instrument as originally made. It will not be amended to deal with any later amendments of this instrument.
(2) Any information in column 3 of the table is not part of this instrument. Information may be inserted in this column, or information in it may be edited, in any published version of this instrument.
3 Authority
This instrument is made under the Corporations Act 2001.
4 Schedules
Each instrument that is specified in a Schedule to this instrument is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this instrument has effect according to its terms.
Schedule 1—Amendments
Corporations (Insolvency Practice Schedule) Delegations 2021
1 Paragraph 7(2)(a)
Repeal the paragraph, substitute:
(a) Ms Shabnam Amirbeaggi;
2 Paragraph 7(2)(d)
Repeal the paragraph.
3 After paragraph 7(2)(e)
Insert:
(ea) Ms Ingrid Johanna King;
4 Paragraph 7(2)(h)
Repeal the paragraph, substitute:
(h) Mr Michael Hugh Murray;
(ha) Ms Maria Francine Coffill O’Brien;
5 After paragraph 7(2)(i)
Insert:
(ia) Mr Gregory Wayne Rodgers;
6 Paragraph 7(2)(j)
Omit “.”, substitute “;”.
7 After paragraph 7(2)(j)
Insert:
(ja) Mr Shane Geoffrey Stewart.
8 Subsection 7(2) (note 1)
Repeal the note.
9 Subsection 7(2) (note 2)
Omit “Note 2”, substitute “Note 1”.
10 At the end of subsection 7(2)
Add:
Note 2: Paragraphs 7(2)(a), (b), (e), (ea), (h), (ha), (i), (ia) and (ja) are to be reviewed before 1 March 2027.
Overview
The Corporations (Insolvency Practice Schedule) Amendment Delegations 2024, introduced by Stephen Jones, the Assistant Treasurer and Minister for Financial Services, amends the existing delegations under the Corporations (Insolvency Practice Schedule) Delegations 2021. This instrument was enacted to refine the administrative framework governing insolvency practice by updating the list of individuals to whom certain powers and functions can be delegated under the Corporations Act 2001. The amendments were made under the authority of the Corporations Act 2001, and they aim to ensure that the insolvency practice schedule remains current and reflective of the current responsibilities and expertise within the relevant ministerial portfolio. The changes include both the substitution and addition of names to the list of authorised delegates, with a specific requirement for a review of these delegations before 1 March 2027.
Scope and Application
The Corporations (Insolvency Practice Schedule) Amendment Delegations 2024I, made by Stephen Jones, the Assistant Treasurer and Minister for Financial Services, outlines amendments to the Corporations (Insolvency Practice Schedule) Delegations 2021. This instrument is made under the Corporations Act 2001 and comes into effect on 2 March 2024. The Act amends specific delegations related to insolvency practice by repealing and substituting certain paragraphs and adding new ones, such as appointing Ms Ingrid Johanna King and Mr Gregory Wayne Rodgers, while also removing others and updating notes. These amendments are intended to modify the current insolvency practice delegations, thereby impacting the entities and individuals involved in insolvency proceedings under the Corporations Act.
Key Provisions
The Corporations (Insolvency Practice Schedule) Amendment Delegations 2024I outlines specific changes to the Corporations (Insolvency Practice Schedule) Delegations 2021, effective from 2 March 2024. The main changes include the substitution and insertion of new names into the list of individuals authorised to provide insolvency practice services, as well as the repeal and modification of certain paragraphs and notes within the relevant subsections. These amendments are made under the authority of the Corporations Act 2001 and are detailed in Schedule 1 of the instrument.
The obligations imposed by this instrument primarily concern the authorised individuals listed in the amended Insolvency Practice Schedule. These individuals must ensure they adhere to the regulations and standards set forth by the Corporations Act 2001 and any other relevant legislation. They are responsible for maintaining the integrity and professionalism of insolvency practice services provided to the public. The new additions to the list, such as Ms Ingrid Johanna King, Mr Gregory Wayne Rodgers, and Mr Shane Geoffrey Stewart, are now authorised to offer these services, subject to the same requirements as existing authorised individuals.
Failure to comply with the requirements set out in this instrument could result in various consequences. While the specific offences, penalties, or consequences for non-compliance are not detailed within the instrument, breaches of the Corporations Act 2001 can lead to significant civil or criminal penalties. These may include fines, imprisonment, or both, depending on the severity and nature of the breach. Authorised individuals must therefore ensure they are fully aware of and comply with all relevant provisions to avoid any potential legal repercussions. Additionally, the requirement to review certain paragraphs before 1 March 2027 imposes an ongoing obligation to stay updated with any future changes or requirements that may be introduced.