THE Companies and Securities Advisory Committee is no more.
It is now known as the Corporations and Markets Advisory Committee, or CAMAC for short.
CAMAC has published a discussion paper Rehabilitating large and complex enterprises in financial difficulties that compares the debtor-driven US Chapter 11 and recent changes in the UK with Australia’s more creditor-driven voluntary administration procedure.
The paper also identifies problems with using creditors’ schemes of arrangement as an alternative form of corporate revival.
CAMAC invites submissions by November 28 on the paper which can be downloaded from www.camac.gov.au
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