Date: 18 Aug 2014
In its recent report on ASIC’s performance, the Senate Economic References Committee recommends that government review the law to consider reform which will encourage and facilitate corporate turnaround. It suggests that features of Chapter 11 (a reorganisation regime in the USA) be considered. The Financial Systems Inquiry also addresses this topic in its Interim Report. In this article, restructuring partner, Macaire Bromley, outlines a proposal for key legal reform to encourage and facilitate a business rescue culture in Australia.