THE Insolvency Law Reform Act (ILRA)
On 1 March 2017, the first portion of the Insolvency Law Reform Act 2016 (Cth) (ILRA) commenced to bring sweeping changes to the way in which bankruptcies are dealt with in Australia. The second portion of changes will come into effect on 1 September 2017.
The intersection between family law and bankruptcy is a particularly niche area of law to practice for both legal practitioners and the Court. There are conflicting ideologies in the discretionary nature of the Family Law Act 1975 (Cth) and the commercial nature of the Bankruptcy Act 1966 (Cth). Therein creates the practical and academic difficulty for dealing with bankruptcy issues in family law matters.