Treasury Laws Amendment (Miscellaneous Amendments) Instrument 2020

I, Jane Hume, Assistant Minister for Superannuation, Financial Services and Financial Technology, make the following Instrument.

Dated 24 November 2020

Jane Hume

Assistant Minister for Superannuation, Financial Services and Financial Technology
Parliamentary Secretary to the Treasurer

Contents

1  Name 

2  Commencement

3  Authority

4  Schedules

Schedule 1—Amendments

Business Names Registration (Availability of Names) Determination 2015

Crimes (Currency) (Disposal of Condemned Forfeited Articles) Direction 2019

Federal Financial Relations (National Specific Purpose Payments for 2019-20) Determination 2020

Insolvency Practice Rules (Corporations) 2016

1  Name

  This instrument is the Treasury Laws Amendment (Miscellaneous Amendments) Instrument 2020.

2  Commencement

 (1) Each provision of this instrument specified in column 1 of the table commences, or is taken to have commenced, in accordance with column 2 of the table. Any other statement in column 2 has effect according to its terms.

Note: This table relates only to the provisions of this instrument as originally made. It will not be amended to deal with any later amendments of this instrument.

 (2) Any information in column 3 of the table is not part of this instrument. Information may be inserted in this column, or information in it may be edited, in any published version of this instrument.

3  Authority

  This instrument is made under the following:

(a)    the Business Names Registration Act 2011; and

(b)    the Corporations Act 2001; and

(c)    the Crimes (Currency) Act 1981; and

(d)    the Federal Financial Relations Act 2009.

4  Schedules

  Each instrument that is specified in a Schedule to this instrument is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this instrument has effect according to its terms.

Schedule 1—Amendments

Business Names Registration (Availability of Names) Determination 2015

1  In the appropriate position in Part 1 of Schedule 2 (table)

Insert:

Crimes (Currency) (Disposal of Condemned Forfeited Articles) Direction 2019

2  Section 7 (note)

Omit “paragraph (a), (b) or (c)” (wherever occurring), substitute “paragraph 6(a), 6(b) or 6(c)”.

Federal Financial Relations (National Specific Purpose Payments for 2019-20) Determination 2020

3  Subsection 6(3) (heading to table, column headed “The amount of financial assistance for the 2018‑19 financial year is:”)

Omit “2018-19”, substitute “2019-20”.

Insolvency Practice Rules (Corporations) 2016

4  After subsection 75-130(4)

Insert:

 (4A) For the purposes of paragraphs (2)(b) and (c), the value of a responding creditor of the company who:

 (a) is a related creditor (within the meaning of subsection 75‑41(4) of the Insolvency Practice Schedule (Corporations)), for the purposes of responding to the notice, in relation to the company; and

 (b) has been assigned a debt;

is to be worked out by taking the value of the assigned debt to be equal to the value of the consideration that the related creditor gave for the assignment of the debt.

5  At the end of the instrument

Add:

110-2  Voting procedures in relation to creditors who have been assigned debts

  The amendment of section 75-130 made by Schedule 1 to the Treasury Laws Amendment (Miscellaneous Amendments) Instrument 2020 applies in relation to proposals put to the creditors of a company by giving notice under section 75-40 of the Insolvency Practice Schedule (Corporations) on or after the commencement of the first-mentioned Schedule.