Amid tumultuous economic conditions placing pressure on Australian businesses, the Australian government has embarked on a plan to ensure Australia's insolvency system is working for its economy and all participants. As such, The Parliamentary Joint Committee on Corporations and Financial Services set out to understand the current state of the corporate insolvency space and consider potential reforms to report to Parliament any recommendations for changes to legislation, regulation, and government policy. Following an invitation from the committee for public comment, TMA Australia prepared a compelling thought piece on future Australian reform to facilitate turnaround and restructuring assignments. The submission, drafted by a team of TMA member experts from some of the larger major law and financial services firms in Australia, provides the committee with an overview of TMA Australia members' views on key issues raised by the Inquiry.
"The TMAA submission contains some very helpful ideas, many of which are easily adopted around our global community," said one of the authors, Cameron Belyea, Clayton Utz.
"This is an incredibly important, compelling, and thought-provoking presentation that is as much substantive as it is honest in its tackling of difficult struggles and necessary reforms in our industry," said TMA CEO Scott Stuart.
TMA is incredibly proud—and grateful—for the hard work of the members who contributed to this submission:
Coordinator: Richard Hughes, Deloitte
Paul Apáthy, Herbert Smith Freehills
TMA Australia Chair Jennifer Ball, Clayton Utz
Cameron Belyea, Clayton Utz
Lily Davies, Herbert Smith Freehills
Gayle Dickerson, KPMG
Melissa Ferreira, Clayton Utz
Georgia Gamble, Hall & Willcox
Scott Guthrie, Thomson Geer
Clint Joseph, KPMG
Alinta Kemeny, Ashurst
Jason Preston, McGrathNicol
TMA Australia President Maria O'Brien, Baker McKenzie
Meagan Osinga, Herbert Smith Freehills
Emily Seeckts, KPMG
Ann Watson, Hall & Willcox
The committee is expected to present a report in May, 2023.