Submission: Bankruptcy system – options paper
ARITA’s submission in relation to the options paper on reform opportunities to the personal insolvency system raises significant concerns that the proposals go far beyond the goal of the Bankruptcy Amendment (Enterprise Incentives) Bill 2017 and remove any reasonable punitive action against those that fail to pay their debts.
We believe that the proposals create significant added complexity. Instead of added complexity, Australia needs a simple, efficient, and effective regime which will ensure debtors and creditors understand the personal (and corporate) insolvency framework and the pathway they should follow for their specific circumstances.
Read ARITA’s Submission
Attorney-General's Department: Possible reforms to the Bankruptcy system