Bankruptcy in the Australian vernacular refers to personal insolvency, it does not extend to corporates or other legal entities.
Australias personal insolvency laws have not been subject to a comprehensive review since the Harmer Report in 1988, the Australian COVID-19 moratoriums have now come to an end, and many Australians are currently experiencing financial stress on account of cost of living increases. In recognition of this, the Australian Attorney-General flagged in February this year that urgent change is required to Australias personal bankruptcy laws. A national roundtable was convened and the Attorney-Generals department will now consider the outcomes of that roundtable and potential reforms.
Bankruptcy Act: Overview
The Ban…
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