Bankruptcy Reform – Review of Debt Agreements
Members were informed by email of the discussions held at the Bankruptcy Reform Consultative Forum on 12 December 2012. Members are reminded to submit their ...
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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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