IPA submission on bankruptcy proposals - June 2009
This is the submission made by the IPA to the Attorney-General's Department on the recent bankruptcy proposals that included shortening the period of bankruptcy from 3 years to 12 months.
In brief, the IPA supports some of the changes although in most respects the IPA says that more information and analysis is required in order to substantiate the need for these changes.
The IPA is concerned in particular that any change the law reducing the period of bankruptcy should allow the existing 3 year period to be readily maintained, or increased, in respect of the more complex bankruptcies that are generally handled by IPA members.
Any initial queries can be made to Michael Murray, Legal Director IPA at [email protected]