Try to resolve unpaid debt early, and leave insolvency as a “last resort”
Each of AFSA, ARITA and Financial Counselling Australia has issued a statement calling for better processes for resolution of claims for unpaid debt – Australians reminded of best practice approach to debt disputes as economic challenges continue, to address the problem early and to understand the options available to resolve debt disputes before formal insolvency […]
Define “insolvency” – legislative drafting continued
In bills before the new 2022 parliament, our legislative drafters have continued with their consistent approach in relying upon 19th century colonial bankruptcy law to define personal insolvency. Section 501K of the Federal Environment Watchdog Bill 2021 allows the Governor-General to terminate the appointment of the CEO if the CEO ….. becomes bankrupt; or applies […]
