PJC Corporations and Financial Services – inquiry into corporate insolvency – questions on notice

TMA is committed to gender equality, and this commitment is evident in the make up of our leadership team, our Board, our committees, and the content at our events (particularly our National Conference).

We are immensely proud of the success and clear value of our Network of Women (NOW) events launched in 2022. We will be doing more in this space in 2023, so stay tuned.

The underrepresentation of women in formal insolvency is an issue of concern which is consistently raised by our members.

The TMA has made submissions to the current Parliamentary Joint Committee Inquiry into Corporate Insolvency seeking to amend the current requirements in the Insolvency Practice Rules (Corporations) as follows:

* to extend the “look back period” for the required 4000 hours of relevant experience that an applicant to be a registered liquidator is required to have (the “relevant experience” requirement) from 5 years to 10 years prior to the date of application

* to make clearer the basis on which the discretion which may be exercised by the relevant committee where the “relevant experience” requirement has not strictly been met has and may be exercised

* to allow the required 120 hours of continuing profession education (CPE) to be undertaken in each 3 years to be pro-rated for periods of extended leave or part time work

There are other steps that could be taken to improve gender equality in the registered liquidator ranks, and the TMA suggested some of these in our submission, including equitable briefing guidelines and more transparency in relation to appointments of insolvency advisers by the Commonwealth and Commonwealth authorities.

See our submissions – click here: The TMA thanks those who assisted with the submissions, led by Richard Hughes and ably supported by Melissa Ferreira.