In our latest submission we discuss that Australia's insolvency laws are largely robust and fit for purpose. However, with harmonisation and simplification, the various insolvency laws relating to companies, individuals, trusts and partnerships could be significantly improved.

Since 1988, there has been significant economic, technological and social change in Australia. In the intervening decades, Australia's insolvency laws have also become considerably more complex.

Nearly 40 years have passed since the Australian Law Reform Commission (ALRC) undertook its five-year inquiry into insolvency law in Australia, which resulted in the 'Harmer Report'. Certain recommendations in the Harmer Report were not enacted, for example recommendations in relation to law reform regarding insolvent corporate trustees.

Our primary submission is that the Inquiry ought to recommend the conduct of a further, more comprehensive and holistic review of Australia's corporate and personal insolvency laws, with a view to making meaningful recommendations to harmonise and simplify those laws.