One year bankruptcy reform – submissions due by 31 January 2018

The government has put off its announced one year bankruptcy law until well into next year, asking for submissions by the end of January 2018.   Many of the 58,000 undischarged bankrupts in the country will have to wait.

Meanwhile, the Traill Bankruptcy Conference, and Queensland University of Technology (QUT), are each themselves providing information and prompting public debate on this issue.   

The Senate Selection of Bills Committee has recommended that the Bankruptcy Amendment (Enterprise Incentives) Bill 2017 be referred immediately to the Legal and Constitutional Affairs Legislation Committee for inquiry and report by 19 March 2018.

That committee has called for submissions by Wednesday 31 January 2018.

The reasons given for this are said to be to ensure a detailed scrutiny of the implications of the Bill and its consequences, including the time frames for bankruptcy.  The Committee anticipates submissions from the finance industry, individuals impacted, community stakeholders, and relevant government departments.

Many of the 58,000 undischarged bankrupts in the country, and those contemplating bankruptcy, will have to wait.

Traill and QUT

This topic is being debated at the Traill Bankruptcy conference on 6 December.

‘Moral hazard and the regulation of debtor conduct through bankruptcy’ is the subject of a lecture by Dr Joseph Spooner, of the London School of Economics, at the Queensland University of Technology (QUT) on 12 December.  His insights into the one year regimes in England and Ireland and the EU will greatly assist our thinking.

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