Following a discussion paper and consultation in January 2021 with key stakeholders regarding reforms to the Bankruptcy Act 1966 and COVID regarding the default period of bankruptcy, debt agreements, personal insolvency agreements, and offence provisions, the Australian Government is consulting further on the following topics:
- one year bankruptcy (presently 3 years);
- debt agreements, and
- targeting untrustworthy advisors.
The Government is now asking stakeholders to complete a survey to submit their views on these reform opportunities, which have been outlined in further detail in an options paper provided here. Download the options paper. You can also upload a written submission (on the final screen, after the survey). The survey can be completed by everyone but the Government would particularly like to hear from small business and consumer advocates, insolvency practitioners and peak industry organisations. Click on the below links to complete the survey, download the options paper and make a submission.