Insolvency Law Reform Act 2016 (11 of 2016)

Schedule 2   Amendments relating to the Insolvency Practice Schedule (Corporations)

Part 2   Amendments consequential on the introduction of the Insolvency Practice Schedule (Corporations)

Corporations Act 2001

216   After subsection 1274(4C)

Insert:

(4D) ASIC may edit from a statement of affairs any information that ASIC is satisfied is commercial-in-confidence, before allowing a person to inspect the statement, or giving a copy or extract of the statement to a person, under subsection (2).

(4E) A statement of affairs is a statement or report required to be prepared under one of the following provisions:

(a) subsection 421A(1);

(b) paragraph 429(2)(b);

(c) subsection 438B(2);

(d) subsection 475(1) or (2);

(e) subsection 494(2);

(f) subsection 497(4).

(4F) Information is commercial-in confidence if:

(a) the disclosure of the information could unreasonably affect a person, or a business or action related to a person, in an adverse manner; and

(b) the information is not in the public domain; and

(c) the information is not required to be disclosed under another law of the Commonwealth, a State or a Territory; and

(d) the information is not readily discoverable.

(4G) Despite subsection (2), a person is not entitled to inspect, or to require a copy or an extract of, any information in a statement of affairs that has been edited from the statement under subsection (4D).