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TMAA - Productivity & Innovation reform

What is it?

Link to the Fed Government's initial public statements, objectives.Link to the Fed Government's initial public statements, objectives. Link to the Fed Government's initial public statements, objectives.

Why?

Link to the Fed Government's initial public statements, objectives.Link to the Fed Government's initial public statements, objectives.

Links

  • Law firms
  • Accounting firms
  • Industry bodies (AICD, AVCAL)
  • Industry bodies (AICD, AVCAL)
  • Accounting firms

TMAA's Submissions

(1) List items one
(2) List items two
(3) List items three

Timetable

  • December 2015 - Government announces Innovation Package
  • December 2016 - 22/5 Parlimentary discussion
  • May 22, 2017 - Safe Harbour amendments before Parliament for Resolution
  • May 22, 2017 - Royal Assent
  • January 1, 2018 - Ipso Facto
  • Date / Event
  • Date / Event
  • Date / Event
  • Date / Event
  • Date / Event

Blog Dialogue

Treasury has just released the draft safe harbour and ipso facto legislation and discussion papers.  In essence, a “better outcome” test is put forward which will allow a company to trade on when it is of doubtful solvency.  The onus is placed on directors to take appropriate steps to amongst other things obtain expert advice and prepare a restructuring plan.  Liability is carved out where appropriate steps have been taken.  Ipso facto reform will apply in relation to schemes of arrangement and voluntary administration.  Contractual counter-parties will not be able to enforce ipso facto contractual rights absent statutory exemption or court order.

Turnaround professionals will be central to safe harbour.  The draft legislation requires that advice be taken in relation to the financial position of the company from an appropriately qualified entity.   Directors must develop or implement a restructuring plan.  To read more....