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The eighth edition of Keay’s Insolvency arrives 20 years after the book was first written by Professor Andrew Keay, in 1993. At that time, significant changes to the law following the Harmer Report of 1988 had not yet been introduced, in particular the voluntary administration regime under Part 5.3A of the Corporations Act, and the major structural changes in personal insolvency were not to appear until 1996. Over past decades and recently, this has been a fast-developing area of law and practice with many legislative and other changes, so this edition is very different in size and content in comparison.
This edition appears at a time when the regime itself remains under increased Government and community scrutiny, which has usefully broadened into an examination and review of the efficiencies and outcomes of the regime. The prospect of major law reform was around at the time of the 7th edition in 2010, and while this has yet to eventuate, significant impacts on insolvency law and practice have come from other areas. Insolvency has been impacted by the changes to security law brought in by the Personal Property Securities (Corporations and Other Amendments) Act 2010 (Cth), which commenced in January 2012.