House of Representatives

Explanatory Memorandum

(Circulated by authority of the Assistant Treasurer, Minister for Housing and Minister for Homelessness, Social and Community Housing, the Hon Michael Sukkar MP)

Chapter 2 - Consequential and transitional matters arising from corporate insolvency reforms

Outline of chapter

2.1 Schedule 2 to the Bill makes consequential amendments to integrate the corporate insolvency reforms across the Commonwealth statute book.

Context of amendments

2.2 On 1 January 2021, the Australian Government's corporate insolvency reforms - Corporations Amendment (Corporate Insolvency Reforms) Act 2020 and Corporations Amendment (Corporate Insolvency Reforms) Regulations 2020 - commenced.

2.3 The reforms established a new debt restructuring process and a simplified liquidation process for eligible incorporated small businesses. These reduce the complexity, time and costs of external administration and the compliance burden for insolvency practitioners. The intent is to enable more Australian small businesses to quickly restructure and keep trading. Where restructure is not possible, the intent is to support businesses to wind up faster, enabling greater returns for creditors.

2.4 The new debt restructuring process enables distressed small businesses to access a single, streamlined process to restructure their debts, while allowing the owners to remain in control of their business. The intent is to maximise the ability of the company to survive and to go on trading.

2.5 The new simplified liquidation process enables eligible companies to undertake a faster and lower cost liquidation, increasing returns for both creditors and employees. The process simplifies regulatory obligations to maximise creditor returns and allow assets to be quickly reallocated elsewhere in the economy, supporting productivity and growth.

2.6 Schedule 2 to the Bill makes consequential amendments to integrate the corporate insolvency reforms across the Commonwealth statute book to support the integration of the new insolvency processes with relevant legislation.

Summary of new law

Clarifying eligibility to access the debt restructuring and simplified liquidation processes

2.7 To target small businesses, the corporate insolvency reforms specify that an eligible company must have total liabilities which do not exceed $1 million on the day the company enters debt restructuring or simplified liquidation.

2.8 To further clarify that the reforms are intended for small businesses, Schedule 2 to the Bill prevents prudentially regulated entities, such as financial institutions, from accessing debt restructuring and simplified liquidation.

2.9 This clarification reflects that prudentially regulated entities, such as banks and other financial institutions, are generally large companies with complex affairs. Prudential regulation establishes special regimes to manage prudentially regulated entities that are in acute distress, including where such entities are insolvent or near insolvent.

Updating Commonwealth legislation to add debt restructuring as a type of external administration

2.10 The Government's corporate insolvency reforms added debt restructuring and simplified liquidation to the set of processes available for insolvent incorporated small businesses and established a new 'class' of registered liquidator, the small business restructuring practitioner.

2.11 Schedule 2 to the Bill updates Commonwealth legislation to integrate debt restructuring into the existing regulatory regimes in the following Acts: Customs Act 1901, Excise Act 1901, Export Control Act 2020, Fair Entitlements Guarantee Act, ITAA 1997 and Superannuation Industry Supervision Act.

2.12 These consequential amendments are generally minor and technical in nature and do not alter the existing policy intent of the affected provisions.

Updates concerning the role of the restructuring practitioner

2.13 Schedule 2 to the Bill updates the Corporations Act to ensure that appropriate protections apply for restructuring practitioners in performing their role, as well as appropriate protections for any person dealing with a restructuring practitioner who is acting as an agent of the company. These protections are consistent with those applying in relation to the role of an external administrator for a company under voluntary administration.

2.14 Schedule 2 to the Bill also updates Commonwealth legislation to integrate the role of restructuring practitioner into the existing regulatory regimes in the following Acts: Education Services for Overseas Students Act 2000 and Crimes (Taxation Offences) Act 1980.

Integrating debt restructuring and simplified liquidation into the special administration process for Aboriginal and Torres Strait Islander corporations

2.15 The CATSI Act establishes a 'special administration process', which is a unique form of external administration tailored to the needs of registered Aboriginal and Torres Strait Islander corporations. Schedule 2 to the Bill makes consequential amendments to the CATSI Act to accommodate the new debt restructuring and simplified liquidation processes within the special administration process.

2.16 Some modifications to the CATSI Act special administration framework are made to preserve the arrangements made through a restructuring plan and give creditors certainty that their rights under the plan are not affected by the commencement of a special administration.

Clarifications concerning simplified liquidation and other minor and technical amendments

2.17 Schedule 2 to the Bill amends the Corporations Act to clarify the operation of the simplified liquidation process: ensuring that a liquidator's report which identifies potential offences is exempt from public disclosure and that ASIC is able to investigate those offences; and enabling a resolution to be passed without a meeting of creditors.

2.18 Schedule 2 to the Bill includes additional minor and technical amendments to the Corporations Act and the Tax Agent Services Act 2009.

Comparison of key features of new law and current law

Detailed explanation of new law

Clarifying eligibility to access the debt restructuring and simplified liquidation processes

2.19 The intent of the corporate insolvency reforms is to ensure Australia's insolvency framework can better serve small businesses, their creditors and employees. To achieve this, the reforms established new debt restructuring and simplified liquidation processes targeted at the needs of small businesses.

2.20 To be eligible to access these new processes, companies must have total liabilities which do not exceed $1 million on the day the company enters debt restructuring or simplified liquidation.

2.21 Schedule 2 to the Bill further clarifies that the reforms are only intended for small businesses with non-complex liabilities. Entities subject to prudential regulation by APRA are not eligible to access small business restructuring processes. [Schedule 2, items 3-4, 27, 30, and 57-60, section 5(1) of the Banking Act 1959, sections 453B(2)(aa) and 500A(2)(aa) of the Corporations Act, section 3(1) of the Insurance Act, and the Dictionary of the Life Insurance Act]

2.22 Prudentially regulated entities, such as banks, are generally large companies with complex affairs; the corporate insolvency reforms were never intended for such entities. Further, prudential regulation already provides fit-for-purpose statutory and judicial management regimes to deal with prudentially regulated entities in acute distress, including where such entities are insolvent or near insolvent.

Updating Commonwealth legislation to add debt restructuring as a type of external administration

2.23 Commonwealth corporate insolvency laws - the Corporations Act including Schedule 2, and the rules, and the Corporations Regulations - provide a number of processes that ensure that the assets of an insolvent company can be reallocated to its creditors in an equal, fair, efficient and orderly way.

2.24 A necessary part of corporate insolvency processes is informing creditors that the insolvency has occurred. For government, it is standard practice in many regulatory regimes that companies must notify the government if they become insolvent. The solvency of a company may be relevant to its ability to hold a government licence, participate in a government program, or receive a government grant.

2.25 Schedule 2 to the Bill amends the following Commonwealth legislation to integrate debt restructuring into existing regulatory regimes: Customs Act 1901, Excise Act 1901, Export Control Act 2020, Fair Entitlements Guarantee Act, ITAA 1997 and Superannuation Industry Supervision Act.

2.26 The amendments maintain the integrity of existing approval, licencing and registration regimes by ensuring that: (a) a decision maker considers whether a company is under restructuring when considering whether to approve an arrangement, register a company, or issue a company a relevant licence; and (b) a company is required to notify the relevant decision maker if they enter restructuring. [Schedule 2, items 37 to 45, 47 to 52, sections 67EB(4)(e)-(ea), 67H(3)(e)-(ea), 77K(3)(f)-(fa), 77N(2)(c)(v)-(vi), 81(3)(d)-(da), 82(1)(ba)(iva)-(ivb), 102BA(2)(e)-(f), 183CC(4A)(d)-(da) and 183CG(1)(c)(iiia)-(iiib) of the Customs Act 1901, sections 39C(f), 39C(fa)-(fb) and 39D(1)(f)(va)-(vb) of the Excise Act 1901, sections 146(1)(c)(ia), 186(1)(c)(ia) and 219(1)(c)(ia) of the Export Control Act 2020]

2.27 The appointment of a restructuring practitioner is an insolvency event that triggers the disqualification of a corporate trustee, custodian or investment manager of a superannuation entity from managing a superannuation entity. [Schedule 2, item 61, section 120(2)(ca) of the Superannuation Industry Supervision Act]

2.28 The Commissioner of Taxation has the power to disallow an entity's deductions for tax losses in specified circumstances, including where the company is insolvent and in some form of external administration. Schedule 2 to the Bill extends the Commissioner's power to companies under restructuring. [Schedule 2, item 56, section 175-100(b) of the ITAA 1997]

2.29 These consequential amendments are generally minor and technical in nature and do not alter the existing policy intent of the affected provisions.

Updating the Fair Entitlements Guarantee Act

2.30 The Fair Entitlements Guarantee provides financial assistance to workers in respect of unpaid employee entitlements where the employee loses their job due to the liquidation or bankruptcy of their employer. Schedule 2 to the Bill updates the definition of insolvency practitioner to include a restructuring practitioner for a company. [Schedule 2, item 53, section 5(ba) of the Fair Entitlements Guarantee Act]

2.31 This amendment enables eligible employees to access the Fair Entitlements Guarantee scheme where their employer had been under restructuring prior to being wound up. Further, the amendment provides consistent treatment of employees' eligibility for Fair Entitlements Guarantee advances, where there is sufficient nexus between the end of their employment and the commencement of any form of external administration to deal with the employer's financial difficulties.

2.32 Notably, the update to the definition of insolvency practitioner to include the appointment of a restructuring practitioner has been expressly disapplied in relation to the determination of the wages entitlement period under the Fair Entitlements Guarantee Act.

2.33 Generally, the wages entitlement period for an employee whose employment has ended means the 13 weeks ending at the earlier of:

•

the time the person's employment ended; or

•

the first time an insolvency practitioner is appointed to control or manage employment by the employer.

[Schedule 2, item 54, section 5 of the Fair Entitlements Guarantee Act]

2.34 However, the nature of debt restructuring means that the time a person's employment ended could be much later than the appointment of a restructuring practitioner. Specifically, in debt restructuring, a business can keep trading under the control of its owners after the appointment of a restructuring practitioner, while the owners develop a debt restructuring plan and beyond, if creditors accept the plan.

2.35 Schedule 2 carves out the appointment of a restructuring practitioner from the determination of the wages entitlement period under the Fair Entitlements Guarantee Act. This change avoids a gap in the coverage of the Fair Entitlements Guarantee scheme where an employee's employment ended after the appointment of a restructuring practitioner. Further, the change ensures the wage entitlement period for an employee whose employer entered restructuring is consistent with the policy intent to advance employee entitlements for the last 13 weeks of an employee's employment where the employer was liable for unpaid wages.

2.36 This change reflects the advisory and support role of the small business restructuring practitioner, compared with the role and functions of administrators during other external administration processes.

2.37 The express exclusion of the appointment of a restructuring practitioner from the calculation of a wages entitlement period means that, where a company had been under restructuring or subject to a restructuring plan prior to being wound up, an employee's wages entitlement period would be anchored to the appointment of another type of insolvency practitioner such as a registered liquidator or an administrator.

2.38 To ensure the access of such employees to the Fair Entitlements Guarantee scheme, this change applies in relation to an employer that appoints a restructuring practitioner before, on or after the commencement of Schedule 2 on the day after the Bill receives Royal Assent [Schedule 2, item 55, Fair Entitlements Guarantee Act]

Updates concerning the role of a restructuring practitioner

2.39 A restructuring practitioner can be appointed to a company under restructuring, or to a restructuring plan in force for a company. In this section (paragraphs 2.39 to 2.44) a reference to a restructuring practitioner is a reference to both a restructuring practitioner of a company and a restructuring practitioner of a plan.

2.40 Schedule 2 clarifies that the rules in the Act requiring a restructuring practitioner to declare relevant relationships only apply to a restructuring practitioner appointed to a company. Similar rules already exist in the Corporations Regulations in relation to a restructuring practitioner appointed to administer a restructuring plan. [Schedule 2, item 28, section 453D(1) of the Corporations Act]

2.41 A restructuring practitioner has qualified privilege for statements they make in performing their functions. Protection from liability is an important safeguard to ensure that practitioners are able to undertake their functions. These protections for restructuring practitioners are currently provided in the Corporations Regulations. They are being relocated to the Corporations Act, as it is more appropriate for such protections to be provided in primary legislation. [Schedule 2, item 29, section 456LA of the Corporations Act]

2.42 Where any person deals with a restructuring practitioner who is acting as an agent of the company, they are entitled to the same protections that arise if they were dealing with the company itself. These protections for a person who deals with a restructuring practitioner are consistent with the existing protections in place for persons dealing with administrators in a voluntary administration. [Schedule 2, item 29, section 456LB of the Corporations Act]

To ensure that all restructuring practitioners and persons dealing with restructuring practitioners will benefit from these protections, these amendments apply in relation to a restructuring practitioner appointed before, on or after the commencement of Schedule 2 on the day after the Bill receives Royal Assent. [Schedule 2, item 35, sections 1686A and 1686B of the Corporations Act]

2.43 Under the Education Services for Overseas Students Act 2000, certain Education Services for Overseas Students agencies (ESOS agencies) and the Tuition Protection Scheme Director (i.e. the statutory office holder appointed as such under Part 5A of the Education Services for Overseas Students Act 2000) are given the power to require a relevant individual of the registered provider to hand over information or documents that are relevant to a monitoring purpose. The definition of relevant individual includes administrators and liquidators. Schedule 2 extends the definition of relevant individual to include a restructuring practitioner, so that the ESOS agencies (or the Tuition Protection Scheme Director) can continue to monitor a registered provider if they enter restructuring. [Schedule 2, item 46, section 5(e) of Education Services for Overseas Students Act 2000]

2.44 The Crimes (Taxation Offences) Act 1980 establishes an offence for where a trustee enters an arrangement to avoid paying tax. This offence extends to restructuring practitioners. [Schedule 2, item 35, section 3(1)(a) of Crimes (Taxation Offences) Act 1980]

Integrating debt restructuring and simplified liquidation into the special administration process for Aboriginal and Torres Strait Islander corporations

Restructuring of an Aboriginal and Torres Strait Islander corporation

2.45 The CATSI Act is a special measure for the benefit of Aboriginal and Torres Strait Islander people. Corporations registered under the CATSI Act are regulated by the Registrar. The CATSI Act provisions are modelled on Corporations Act provisions but maintain special powers (including modification powers) to ensure the Corporations Act provisions are appropriate for Aboriginal and Torres Strait Islander people and take account of the special risks and requirements of the Indigenous corporate sector.

2.46 A unique aspect of the CATSI Act as a special measure intended to benefit Aboriginal and Torres Strait Islander corporations is a form of external administration known as 'special administration'. Where governance failures or financial difficulties are identified, a 'special administrator' is appointed by the Registrar to take control of and administer the Aboriginal and Torres Strait Islander corporation.

2.47 The amendments ensure that, in addition to special administration, voluntary administration, receivership, and winding up, an Aboriginal and Torres Strait Islander corporation may utilise the new debt restructuring process.

2.48 Consistent with the CATSI Act legislative framework, the amendments apply the Corporations Act restructuring provisions to Aboriginal and Torres Strait Islander corporations with certain modifications to ensure the two frameworks interact seamlessly. [Schedule 2, items 14 and 19, new section 522-1 and section 700-1 of the CATSI Act]

2.49 Importantly, the amendments prohibit any modifications made by the CATSI Regulations from increasing the maximum penalty for, or widening the scope of any offence under, the Corporations Act restructuring provisions. [Schedule 2, item 13, new section 522-1(3) of the CATSI Act] Appointing a small business restructuring practitioner

2.50 For Aboriginal and Torres Strait Islander corporations, the special administration regime generally takes priority over the debt restructuring process up until a plan is made. Accordingly:

•

the Registrar may determine that Aboriginal and Torres Strait Islander corporations be put under special administration even if that corporation is under restructuring;

•

a registered Aboriginal and Torres Strait Islander corporation cannot appoint a small business restructuring practitioner if the corporation is under special administration or the Registrar has issued the corporation a show cause notice (unless the Registrar has consented in writing to the appointment of the small business restructuring practitioner); and

•

if a small business restructuring practitioner has been appointed for an Aboriginal and Torres Strait Islander corporation, and a special administrator is subsequently appointed, then the restructuring of the corporation ends if a restructuring plan is not in place.

[Schedule 2, items 10 and 14, section 487-1(3)(b), and new sections 522-2 and 522-3 of the CATSI Act]

Appointing a special administrator while under a restructuring plan

2.51 If an Aboriginal and Torres Strait Islander corporation is subject to a restructuring plan when a special administrator is appointed, the plan continues to operate until it terminates in accordance with the plan, the law or by an order of the Court. Once in control of an Aboriginal and Torres Strait Islander corporation, a special administrator can choose to continue with the restructuring plan or apply to the Court to terminate the plan. The special administrator is bound by the restructuring plan until the plan terminates in accordance with the Corporations Regulations, or the Court, on application, orders that the plan is terminated. [Schedule 2, item 14, new section 522-4 of the CATSI Act]

2.52 This change applies in relation to a restructuring plan made on or after the commencement of Schedule 2 to the Bill. [Schedule 2, item 23 of Schedule 2 to the Bill]

2.53 The change, and its application, are intended to preserve the arrangements made through a restructuring plan and give creditors certainty that their rights under the plan are not affected by the commencement of a special administration.

2.54 In line with this intent, Schedule 2 to the Bill ensures that, should a special administrator be appointed to administer an Aboriginal and Torres Strait Islander corporation that is subject to a restructuring plan, the restructuring practitioner for a plan can exercise their statutory powers and functions as an officer of the corporation.

2.55 Ordinarily, under special administration, an officer of an Aboriginal and Torres Strait Islander corporation is prohibited from exercising their statutory functions and powers unless they obtain consent from the special administrator. However, Schedule 2 to the Bill provides an exception to this offence. In that there is no requirement for a restructuring practitioner to seek written approval from the special administrator to undertake their role and perform functions in relation to a restructuring plan made by the corporation. This is a codified exception in which the person relying on the exception has the evidential burden of proving it. The reversal of the evidential burden is acceptable in this instance as it is limited to reliance on the codified exception, and not the proving of innocence in and of itself. [Schedule 2, items 11 and 16, new sections 496-10(2A) and 683-1(3)(d)(iiia) of the CATSI Act]

2.56 The main incompatibility between the functions of a special administrator and a restructuring practitioner for a plan concerns transactions or dealings affecting the property of an Aboriginal and Torres Strait Islander corporation. Typically, under the CATSI Act, only a special administrator can enter into, or give consent for others to enter into, transactions or dealings affecting property of an Aboriginal and Torres Strait Islander corporation. Transactions concerning property entered into by persons other than the special administrator are void.

2.57 Schedule 2 to the Bill departs from the existing framework to allow the small business restructuring practitioner to deal with property in accordance with a restructuring plan. [Schedule 2, items 12 and 13, section 496-15(3A) and the note in section 496-15(6) of the CATSI Act]

2.58 This gives creditors certainty that transactions or dealings concerning the property of an Aboriginal and Torres Strait Islander corporation that are specified in a plan would not be overturned by a special administrator.

Other amendments

2.59 Other amendments have been made to fully integrate the debt restructuring process into the CATSI Act. This includes:

•

inserting or amending definitions;

•

ensuring that lists of insolvency practitioners refer to small business restructuring practitioners in relation to Court appeals, relief from liability and the serving of notices, summons and other documents; and

•

minor and technical amendments such as updating a Chapter overview.

[Schedule 2, items 5, 6, 8-9, 15, 17-18, 20-22, sections 120-1(1)(fa), 386-60(3)(a)(ia), 482-1, 576-10(1)(da)-(db), 700-1(j)(iva)-(ivb) and 700-1(k)(va)-(vb) of the definition of affairs, 700-1(a) of the definition of examinable affairs, 700-1(ca)-(cb) of the definition of remuneration, and 700-1 (adds new definitions of restructuring plan and restructuring practitioner) of the CATSI Act]

Simplified liquidation for an Aboriginal and Torres Strait Islander corporation

2.60 Amendments to the CATSI Regulations are required to enable Aboriginal and Torres Strait Islander corporations to access the simplified liquidation process by passing a special resolution under the CATSI Act.

2.61 Otherwise, the existing liquidation process in the CATSI Act largely accommodates simplified liquidation.

2.62 Schedule 2 to the Bill makes minor and technical amendments to ensure the simplified liquidation process is seamlessly integrated into the CATSI framework. This includes ensuring that certain documents made by a liquidator (of an Aboriginal and Torres Strait Islander corporation) are afforded protection from public inspection, consistent with the treatment of similar reports in the Corporations Act. [Schedule 2, item 6, section 421-1(4)(b)(iii) of the CATSI Act]

Clarifications concerning simplified liquidation

Eligibility criteria

2.63 The eligibility criteria for accessing simplified liquidation includes that the company must be up to date with all tax lodgements as required by taxation laws. Schedule 2 to the Bill clarifies that this eligibility criteria:

•

relates to tax lodgements that the company was responsible for prior to the appointment of the liquidator; and

•

requires the company to have substantially complied with each tax lodgement requirement (consistent with the eligibility criteria for restructuring).

[Schedule 2, item 31, section 500AA(1)(g) of the Corporations Act]

2.64 To ensure that liquidation processes already underway can benefit from these clarifications, the amendments apply in relation to a company if a triggering event occurs before, on or after the commencement of Schedule 2 on the day after the Bill receives Royal Assent. [Schedule 2, item 35, section 1686C of the Corporations Act]

Reports by the liquidator

2.65 Simplified liquidation provides a quicker and cheaper pathway for less complex small business liquidations. For this reason, the corporate insolvency reforms replaced the section 533 report (an obligation under the full liquidation process) with a fit-for-purpose reporting process under section 5.5.05 of the Corporations Regulations.

2.66 Schedule 2 to the Bill clarifies that ASIC may investigate offences identified in a report made under section 5.5.05 of the Corporations Regulations, and that this report is exempt from public disclosure. [Schedule 2, items 1 and 34, section 15 of the ASIC Act and section 1274(2)(a)(iv) of the Corporations Act]

2.67 To ensure that ASIC can investigate all potential offences, this amendment applies in relation to reports lodged before, on or after the commencement of Schedule 2 on the day after the Bill receives Royal Assent. [Schedule 2, item 2, section 336 of the ASIC Act]

Powers of the liquidator for a company under simplified liquidation

2.68 Section 477 of the Corporations Act allows a liquidator appointed to a company to compromise debts existing between a company and a contributory or other debtor. If a debt is over $100,000, the liquidator cannot compromise the debt unless they obtain approval of the Court, or of the committee of inspection, or a resolution of the creditors is passed, which all involve meetings.

2.69 Section 477 of the Corporations Act also allows a liquidator to enter into an agreement on the company's behalf (for example, a lease agreement). If the agreement is for a duration longer than three months, the liquidator cannot enter that agreement unless they obtain approval of the Court, or of the committee of inspection, or a resolution of the creditors is passed, which all involve meetings.

2.70 These methods are unsuitable in the case of a simplified liquidation process because meetings of creditors are not held in a simplified liquidation process.

2.71 Schedule 2 to the Bill therefore enables a resolution to be passed without a meeting of creditors, by way of a proposal to creditors and contributories (in the circumstances prescribed in Schedule 2 of the Corporations Act), in a simplified liquidation. [Schedule 2, item 32, section 506(1A)(c) of the Corporations Act]

2.72 To ensure that simplified liquidation processes already underway can benefit from these amendments, they apply in relation to a liquidator appointed before, on or after the commencement of Schedule 2 on the day after the Bill receives Royal Assent. [Schedule 2, item 35, section 1686D of the Corporations Act]

Other minor and technical amendments

2.73 The corporate insolvency reforms made key parts of external administration processes 'technology neutral' to improve efficiency and reduce costs. Schedule 2 to the Bill clarifies where an electronic communication may be taken to have been sent from and received. [Schedule 2, items 25 and 26, sections 105B(2)(ba) and 105B(3)(ba) of the Corporations Act]

2.74 The Corporations Act entitles a bidder to withdraw an unaccepted takeover offer if the company that is the target of the offer becomes insolvent. An unaccepted takeover offer can be withdrawn if the target company enters restructuring. [Schedule 2, item 33, section 652C(2)(da)(db) of the Corporations Act]

2.75 To ensure that takeover processes already underway can benefit from this amendment, it applies in relation to a restructuring practitioner appointed before, on or after the commencement of Schedule 2 on the day after the Bill receives Royal Assent. [Schedule 2, item 35, sections 1686E of the Corporations Act]

2.76 The Tax Agent Services Act 2009 uses the concept of external administration but does not define it. Schedule 2 to the Bill inserts a definition commonly used in other legislation - including the ITAA 1997 - to refer to all types of external administration as provided in Chapter 5 of the Corporation Act. [Schedule 2, item 62, section 90-1(1) of the Tax Agent Services Act 2009]

2.77 A duplicative reference in the section 91 table in the Corporations Act is removed. [Schedule 2, item 24, section 91 (table item 15) of the Corporations Act]

2.78 The application provisions described in this Chapter are inserted into Chapter 10 of the Corporations Act. Schedule 2 to the Bill provides that amending Schedule means Schedule 1 to the Treasury Laws Amendment (2021 Measures No. 5) Act 2021. [Schedule 2, item 35, sections 1686 (Definitions) of the Corporations Act]