Senator Nick Sherry, Minister for Superannuation and Corporate Law, has today welcomed the report of the Corporations and Markets Advisory Committee (CAMAC) on Issues in External Administration.
The CAMAC report covers a broad range of matters dealing with corporate insolvency administration. These include recommendations aimed at improving stakeholders' access to information; approval of practitioner remuneration; ASIC powers; streamlining insolvency processes; and using opportunities presented by modern information technology.
"Australia's corporate insolvency regime is an important element of the country's economic infrastructure – and is all the more important in these difficult economic times."
"The Government is committed to ensuring that we have an effective insolvency regime which promotes business confidence while minimising the effect of business failure on creditors, investors and employees."
"It is vital that Australia has an insolvency system that is responsive to the needs of those affected by business failure," said Minister Sherry.
CAMAC is a valuable source of expert advice to the Government on corporations and markets issues.
"The Government will closely examine CAMAC's recommendations for reform," Minister Sherry said.