R&M reduction in notice requirements

According to a new Bill introduced into parliament this morning, Part 5 of the Corporations Act, as it relates to Receivers and Controllers, may be getting a small change.

That change is said to save $1.8m in regulatory compliance costs.

So what is the proposed change?

Where Receivers and Controllers are appointed, the Company would no longer be required to notify the appointment on all public documents and negotiable instruments.

Rather, notice need only be provided in respect of the affected registered scheme or trust containing the assets under receivership or control.

A link to the explanatory memorandum follows (see from paragraph 1.5): http://parlinfo.aph.gov.au/parlInfo/download/legislation/ems/r6028_ems_a381b436-fb32-4362-bdf8-556aa8e3a13e/upload_pdf/661697.pdf;fileType=application%2Fpdf.


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