The impact of artificial intelligence on the insolvency profession

The much-awaited introduction of the Insolvency Law Reform Act 2016 (Cth) (ILRA) and the related Insolvency Practice Rules (Corporations) 2016 (Cth) and Insolvency Practice Rules (Bankruptcy) 2016 (Cth) (the Rules) are collectively the most significant reform to the insolvency profession since the 1988 Harmer Report.1 Among other things, the objectives of this reform have been to remove unnecessary costs and increase efficiency in insolvency administrations, enhance communication and transparency between stakeholders and promote market competition on price and quality