Future injury claims against companies could be classified under the same legal framework as creditors under a proposal being considered by the Federal Government.

The Corporations and Markets Advisory Committee (CAMAC), the Federal Government's advisory panel on corporation and finance law, is examining how protection for creditors under the Corporations Act could be extended to those making an injury claim against a company.

The review into long-tail liability claims arose from the recent James Hardie case, in which hundreds of former employees made asbestos-related health claims against the company.

The James Hardie inquiry found in September 2004 that current laws "do not make adequate provisions for commercial insolvency where there are substantial long-tail liabilities".

The inquiry also called for reform to avoid ad-hoc solutions if another mass long-tail claim is made against a corporation.

A review paper released by CAMAC this month says claimants' concerns must be balanced against the business needs of a company.

Committee Convenor Richard St John said finding legal solutions in an area of "inherent uncertainty" poses a challenge.

"Any move towards making special provision for future personal injury victims has to take into account the difficulty for companies in determining the likely impact of future claims on their operations, as there may be only limited information about the number or possible costs of those claims," he said.

Constraints on management to pay claims "as they arise" and balancing the rights of personal injury claimants with those of company creditors are also essential, he said.