The time allowed for a debtor to respond to a bankruptcy notice could be raised under reforms being considered by the federal government.
Attorney-General Mark Dreyfus is seeking to overhaul the Bankruptcy Act, releasing a discussion paper outlining a number of proposals.
Two possible changes include increasing the bankruptcy threshold value from $10,000 to $20,000 and extending the period for a debtor to respond to a bankruptcy notice from 21 to 28 days.
The threshold value was temporarily lifted to $20,000 as a safety net during the pandemic, but the measure ended in December 2020.
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