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Law Council of Australia

Business Law Section

CP 377: Guidance for reporting by external administrators and controllers: Updates to RG 16 (‘CP 377’)

This submission concerning CP 377 is made by the Insolvency and Restructuring Committee of the Business Law Section of the Law Council of Australia (the IRC).

The IRC is made up of experienced senior legal practitioners working in the insolvency and restructuring market.

In general, the IRC welcomes the proposed new guidance in the revised RG 16 and considers that the revised guide better reflects the state of the case law and the expectations on practitioners. In a schedule to this letter, we have included some more detailed comments, dealing with CP 376 Issue B1 (General Updates), Issues B2 and B3 (Initial Statutory Report), Issue B4 (Supplementary Statutory Report) and Issue B5 (Timing for Lodgement).

Read the full submission below.

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