ARITA Submission: Response to Productivity Commission draft report on Business Set-Up, Transfer & Closure
ARITA has lodged a submission with the Productivity Commission in response to its draft report on Business Set-up, Transfer and Closure in Australia issued in May 2015.
ARITA's submission primarily focused on the personal insolvency and business restructuring aspects of the draft report (chapters 13-15) and the key points are that ARITA:
- generally supports the Commission’s recommendation to reduce the period of bankruptcy to one year
- agrees with the Commission’s draft findings 14.1 and 14.2
- has concerns with the Commission's draft recommendation 15.1
- has concerns with the Commission's draft recommendation 15.2
- generally supports the Commission's draft recommendation 15.3
- generally supports the Commission's draft recommendation 15.4
- supports the Commission's draft recommendation 15.5
- sees significant practical implementation issues with the Commission's draft recommendation 15.6
- supports the Commission's draft recommendation 15.7; and
- supports the Commission's draft recommendation 15.8.
A copy of ARITA's full submission can be downloaded here and a copy of the Commission's draft report is available here.
If members have any queries regarding the submission, they should contact a member of the Specialist Insolvency Team.