Submission: Possible reforms to the Bankruptcy system, including one-year bankruptcy
The government has today opened a further consultation considering opportunities to reform the Bankruptcy Act 1966, including one year bankruptcy (again).
The new consultation seeks to:
- reduce bankruptcy to one year
- promote debt agreements, and
- target untrustworthy advisors.
Stakeholders are invited to submit their views on the reform opportunities, which have been outlined in further detail in an options paper.
ARITA will be making a substantive submission and members may provide their feedback to ARITA or make their own submission. Consultation closes on 25 February 2022.
The options paper is available on the Attorney-General's Department website: Possible reforms to the Bankruptcy system