Australian insolvency law – current reforms

As in many countries, general elections put law changes and reform on hold pending the new government’s decisions on pending law. The government was returned in Australia at the recent May election and this is a convenient time to review where Australian insolvency law reform is at the moment, or as much can be anticipated. […]

Insolvency and climate change and environmental liabilities

INSOL Academics in Singapore on 1-2 April 2019 and the following day’s meeting of academics at the National University of Singapore provided a number of thought-provoking presentations, which then serve to prompt connections with local Australian issues.  Here is one series of connections. Climate change Climate change came up in the insolvency context, as to […]

Report on targeting of people in financial hardship

The Economics References Committee has issued its report, on time, following its inquiry into ‘Credit and hardship: report of the Senate inquiry into credit and financial products targeted at Australians at risk of financial hardship’, February 2019. The first recommendation is that the ‘government should have a strategy to raise the incomes of low income […]

Bills subject to scrutiny

That a bill is introduced into parliament after an extensive period of community consultation does not necessarily mean that it will proceed into law without further scrutiny, and even further public input. This scrutiny is decided by the selection of bills committee of the Senate. That committee has decided that the provisions of various bills […]

Director identity number bill now before parliament

A number of bills broadly concerning the registers of information held by the Commonwealth have been referred to the Senate Standing Committee on Economics for review.[1] The Committee is due to report by 26 March 2019. One – the Commonwealth Registers Bill 2019 – would introduce a director identity number – DIN. This idea, simple […]

Trends in personal insolvency given to Senate committee

Representatives of the personal insolvency law administrator – AFSA – appeared on 24 January 2019 before the Economics References Committee examining credit and financial services targeted at those at risk of financial hardship.  AFSA presented useful and interesting data – numbers and trends – paraphrased as follows. Bankruptcy and debt agreements Bankruptcy is the most […]

Inquiry into debt services for those in financial hardship – 22 January hearing

The Senate Standing Committee on Economics inquiring into credit and financial services targeted at people at risk of financial hardship has its next hearing in Brisbane on Tuesday 22 January 2019. There is a wide mix of views from those attending: Dr Paul Harrison, Senior Lecturer, Marketing and Consumer Behaviour, Deakin University; Afterpay; Zip Co […]

What to do about problem debt advisers?

A late submission received by the Senate Economics Committee inquiry into credit and financial services aimed at those at risk of financial hardship – ‘debt management firms’ may contain some solution to the regulation of what some call ‘untrustworthy advisers’, in particular those who purport to advise debtors on how to avoid the consequences of […]

A regulator ‘getting tough’

This broadcast – Getting tough on untrustworthy advisors – in fact comes from the bankruptcy regulator, AFSA, about what it says are ‘untrustworthy [debt] advisers’, the subject, among others, of a current Senate Committee inquiry on which AFSA and others have made submissions. AFSA refers to untrustworthy, unscrupulous, unregulated and unlicensed advisers who give false […]

Credit and financial services targeting those at risk of financial hardship

The Senate Standing Committees on Economics has recommended that the Financial Services Royal Commission be given an extension of time and extended terms of reference: see its report of 15 November 2018 – Consumer protection in the banking, insurance and financial sector. It has also noted that certain matters, including those concerning insolvency practitioners and […]