Insolvency Law Reform Bill - Select Committee Report

Its recommendations included:

• amendments to ensure better consistency with the Personal Property Securities Act;
  
  
• tightening up of the proposed voluntary administration procedure for companies;
  
  
• changing the voidable preference rule in section 292 of the Companies Act 1993 to bring it into line with the equivalent Australian provisions (changing the "ordinary course of business" exception to a "continuing business relationship" exception); and
  
  
• maintaining Crown priority in insolvency.

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