InBrief

Attorney-General Robert McClelland has released an exposure draft of the Bankruptcy Legislation Amendment Bill 2009. Members who would like to make a submission should send their written comments to bankruptcy@ag.gov.au by 14 September 2009.�

The objects of the bill, as provided by the explanatory memorandum, are:

1. to provide a more streamlined process for fixing trustee remuneration and a more transparent process for reviewing that remuneration; 2. strengthen the penalties for some offences and ensure these are in line with the penalties for other similar offences; 3. to remove the outdated concept of Bankruptcy Districts in order to provide more flexibility in personal insolvency administration; 4. to increase the minimum debt for a creditor’s petition to reflect changes in the economic environment; 5. to increase the stay period that follows a declaration of intent to file a debtor’s petition to allow debtors to better assess their options; and 6. to increase the debt, income and asset tests thresholds for debt agreements to ensure the thresholds keep pace with increasing wages and the increasing availability of credit.

25 August 2009