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Rights of creditors to request information under the Insolvency Law Reform Act 2016

The Insolvency Law Reform Act 2016 (ILRA), with effect from 1 March 2017, significantly changed creditors’ rights to access information from trustees and liquidators.

The ILRA amends the Bankruptcy Act (Cth) 1966 and the Corporations Act (Cth) 2001, by adding what is called “Insolvency Practice Schedules” to both Acts. 

For the purpose of this summary, we have looked at the provisions relevant to external administrators, but similar provisions have been introduced in respect of bankruptcy trustees.

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