The Australian Government has today released proposed reforms to the Bankruptcy Act 1966 (Bankruptcy Act) for consultation.
This paper is a direct result of feedback received through a national roundtable on personal insolvency which I chaired in March this year involving 24 organisations with an interest in personal insolvency – including credit, finance, accounting, legal sectors and consumer groups.
As a result of this discussion my department identified the following priorities for further scrutiny:
- an increase to the bankruptcy threshold;
- an increase to the timeframe a debtor has to respond to a bankruptcy notice;
- a reduction in the period of time for which a discharged bankrupt is recorded on the National Personal Insolvency Index…
Read the full article at: https://ministers.ag.gov.au/media-centre/personal-insolvency-consultation-01-09-2023