Treasury Laws Amendment (2017 Enterprise Incentives No. 2) Act 2017 (112 of 2017)

Schedule 1   Amendments

Part 1   Safe harbour for insolvent trading

Corporations Act 2001

3A   At the end of Division 3 of Part 5.7B

Add:

588HA Review relating to safe harbour

(1) The Minister must cause an independent review of the following matters to be undertaken as soon as practicable after the last day of the 2 year period commencing on the commencement of this section:

(a) the impact of the availability of the safe harbour to directors of companies on:

(i) the conduct of directors; and

(ii) the interests of creditors and employees of those companies;

(b) any other matters the Minister considers relevant.

(2) The review must be undertaken by 3 persons who, in the Minister's opinion, possess appropriate qualifications to undertake the review.

(3) The persons who undertake the review must give the Minister a written report of the review.

(4) The Minister must cause a copy of the report to be tabled in each House of the Parliament within 15 sitting days of that House after the day on which the report is given to the Minister.

(5) The report is not a legislative instrument.