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Selling insolvency actions – more options for practitioners

As of 1 March 2017, the Insolvency Law Reform Act 2016 (Cth) has introduced new schedules to the Corporations Act 2001 (Cth) and the Bankruptcy Act 1966 (Cth).

These schedules give practitioners the right to assign statutory causes of action to an unrelated third party. This right was previously restricted to claims of the company or bankrupt, but now extends to personal claims of the liquidator or trustee such as unfair preference claims, unreasonable director related transactions or uncommercial transaction claims.

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