I would like to acknowledge Senator Murray’s longstanding interest in the area of insolvency. I note his admonishment of the government’s performance and also his mild congratulations. I thank him for his contribution this afternoon.

As Senator Murray said, the Corporations Amendment (Insolvency) Bill 2007 contains a comprehensive set of reforms that will modernise our insolvency laws and assist Australian businesses. The bill will improve protections for employee entitlements. The bill also contains groundbreaking reforms in respect of corporate groups to reduce costs and improve returns without exposing creditors to new risks. I commend the bill to the Senate.

Question agreed to.

Bill read a second time.