1 October 2021
Key points:
• The eligibility requirements to trigger the safe harbour protections are too onerous and should be amended
• Use of the safe harbour should be made more cost effective
• The safe harbour regime would be improved by reducing complexity and providing more certainty in interpretation
• The safe harbour regime should provide for better incentives for the involvement of professional advisers
• Provide for advice to be obtained from a registered liquidator to ensure that it is appropriate
• Increase awareness of the safe harbour regime
• Any changes to the disclosure requirements for safe harbour should recognise that disclosure of the safe harbour restructuring plan is not appropriate in all circumstances
• Consider shifting the burden of proof to establish safe harbour defences to insolvent trading
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The Australian Banking Association (the ABA) welcomes the opportunity to comment on the Consultation Paper that will inform the direction and development of the Second Action Plan under Australia’s National Plan to End Violence against Women and Children 2022-2032 (the National Plan).
The ABA continues to support the intent of the CSLR as a last-resort scheme that compensates genuine victims where they have suffered actual financial loss as a result of financial misconduct that they have otherwise been unable to recover.
The Australian Banking Association (ABA) welcomes the opportunity to make a submission to the Treasury consultation Registry Stabilisation and Uplift – draft legislation (the consultation).