TMA has lodged a submission with Treasury calling for reforms to the new merger regime which takes effect on 1 January 2026.

Under the new merger regime, acquisitions which meet the relevant notification thresholds must notified to the ACCC, subject to only limited exemptions.

The new merger clearance process will extend past the statutory period in which voluntary administrations ordinarily take place, increasing the period in which administrators (and receivers) are personally liable for the trade-on costs of the companies to which they are appointed. The cost and delay resulting from the process will likely mean that administrators and receivers more often have insufficient resources to trade the business through the lengthy ACCC notification period until a sale can complete, and may be forced to cease operations and make employees redundant (in turn crystallising FEG entitlements). Sales by administrators and receivers that proceed to completion are more likely to result in sub-optimal outcomes.

TMA is calling for reforms to the new merger regime ensure that insolvency practitioners can achieve the best possible outcomes for insolvent businesses consistent with the objectives of section 435A of the Corporations Act by exempting sales by companies in administration and receivership should be exempt from the ACCC's new notification requirements.

Download TMA Australia’s submission here (PDF)