On 29 April 2016, the Australian Federal Government (Government) announced three major insolvency law reform proposals in its Improving Bankruptcy and Insolvency Laws Proposal Paper¹ (Proposal). The Government has invited submissions from stakeholders and given this is a rare opportunity to undertake substantial reform, we strongly encourage involvement. 

Introduction

A significant factor in the success of restructurings negotiated in French out-of-court processes (whether ad hoc mandates or conciliations) is the absolute confidentiality of the discussions conducted by a company and the relevant stakeholders (usually creditors, existing or new sponsors or key clients) under the supervision of a court-appointed insolvency practitioner.