Australia’s insolvency laws

On 29 April 2016, the Treasury Department of the Australian Government released a Proposals Paper suggesting improvements to improve Australia’s insolvency laws in order to enhance innovation in Australian business (http://www.treasury.gov.au/ConsultationsandReviews/Consultations/2016 /Improving-bankruptcy-and-insolvency-laws ). The paper included proposals for introducing a safe harbour for directors in relation to their current liability for insolvent trading. Your assignment is to prepare a submission to the Australian Government that: a) critically analyses the proposals made by the Treasury Department in relation to a safe harbour for directors; and b) describes in detail if, how, and why you would reform the current law.