Review of Debt Agreements under the Bankruptcy Act 1966
28 April 2010
Mr David Bergman
Assistant Secretary
Bankruptcy Policy Branch
Attorney-General’s Department 3-5 National Circuit ...
Welcome to DAPA
DAPA submission to the Bankruptcy Law Reform Committee
BANKRUPTCY LEGISLATION AMENDMENT BILL 2009
SUBMISSION ON AMENDMENTS
by
The DEBT AGREEMENT PRACTITIONERS ASSOCIATION Limited.
Reference to: Bankruptcy Legislation Amendment Bill 2009 - Explanatory Memorandum
Schedule 4 – OTHER AMENDMENTS
- DAPA supports increasing the minimum debt for a creditor’s petition to $10,000.
- DAPA is of the opinion that an education regime be implemented in proposed amendments to the statute. Such education would require the debtor to be subjected to a program of basic financial education prior to lodgement of a debtor’s petition. Increasing the stay period that follows a declaration of intent is an ideal point of commencement. In this regard such a program could be out-sourced to non for profit financial counseling organisations; or the private sector. The purpose of such a program would be two-fold:
- To fully assess the necessity of bankruptcy, if ‘capacity to pay’ exists; and
- To impress on the debtor the need for proper financial management.
- DAPA supports increasing the debt income and asset thresholds for eligibility for debt agreements.
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DAPA submission to the Bankruptcy Law Reform Committee
BANKRUPTCY LEGISLATION AMENDMENT BILL 2009
SUBMISSION ON AMENDMENTS...
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