We are seeking your views to better understand the feasibility and benefits of introducing a proposed Minimal Asset Procedure in the Australian personal insolvency system. The Minimal Asset Procedure would allow people with unmanageable debt to clear their debts in circumstances where they have no assets available for sale, and whose bankruptcies would result in no returns to creditors. We are keen to hear from members of the public, particularly small business and consumer advocates, insolvency practitioners, creditor groups, debt collector bodies and peak industry organisations. Submissions close on 29 July 2024. Visit our website for more information and to make a submission: https://lnkd.in/gpun2X2Z
Attorney-General's Department’s Post
More Relevant Posts
-
If Australia creates a Minimal Asset Procedure, it would provide a way to relieve a person of their debts and give a fresh start quicker than the current bankruptcy provisions allow, especially when there are no other means of repayment. Crucially, it ensures that creditors are not adversely affected, maintaining fairness and balance within our personal insolvency regime. #PersonalInsolvency #DebtRelief #FinancialFreshStart #CreditorsRights #InsolvencyReform
We are seeking your views to better understand the feasibility and benefits of introducing a proposed Minimal Asset Procedure in the Australian personal insolvency system. The Minimal Asset Procedure would allow people with unmanageable debt to clear their debts in circumstances where they have no assets available for sale, and whose bankruptcies would result in no returns to creditors. We are keen to hear from members of the public, particularly small business and consumer advocates, insolvency practitioners, creditor groups, debt collector bodies and peak industry organisations. Submissions close on 29 July 2024. Visit our website for more information and to make a submission: https://lnkd.in/gpun2X2Z
-
-
Consumer debt is at an all-time high due to inflation and higher interest rates. Severely indebted clients may need to be referred to an insolvency expert. Scott Terrio, manager of consumer insolvency at Hoyes Michalos & Associates Inc., joined Globe Advisor reporter Deanne Gage to discuss how insolvency works, the powers of creditors, and tips on how to avoid money traps not easy to undo.
-
📣 Personal Insolvency - Are you aware of the upcoming changes to Debt Relief Orders (DRO) announced at the Spring budget? For full details click the link below. https://lnkd.in/ejYrrysG #smithandbarnes #personalinsolvency #springbudget
-
-
The most important role of a Licensed Insolvency Trustee is to help you determine the best course of action to deal with your debt. If filing a Bankruptcy or Consumer Proposal is the best way forward, they will fill out and file paperwork and communicate with your creditors. https://lnkd.in/dyPDFiPb #LIT #BIA #DIYBankruptcy #debts #creditcounseling #debthelp #finances #surplusincome #localtrustee
-
-
Insolvency and Debt Recovery Bulletin-Weekly Case Laws Digest: 15th July, 2024 to 21st July, 2024 Weekly IBC judgments summary for quick review. Read here weekly updates with summary of judgments: https://lnkd.in/gKcwbiTY
Read more: IBC Laws - Insolvency and Debt Recovery Bulletin-Weekly Case Laws Digest: 15th July, 2024 to 21st July, 2024
https://ibclaw.in
-
In case you missed it, here is my informative chat with Scott Terrio about debt and the insolvency process. https://lnkd.in/et_AgVJg
Video: The debt spiral: How much is too much and where to turn when in too deep
theglobeandmail.com
-
Insolvency and Debt Recovery Bulletin-Weekly Case Laws Digest: 29th July, 2024 to 04th August, 2024 Weekly IBC judgments summary for quick review. Read here weekly updates with summary of judgments: https://lnkd.in/g9BeHphN
Read more: IBC Laws - Insolvency and Debt Recovery Bulletin-Weekly Case Laws Digest: 29th July, 2024 to 04th August, 2024
https://ibclaw.in
-
Understanding proofs of debt is crucial when dealing with insolvency scenarios like liquidation, administration, or Part A1 moratoriums. Our comprehensive blog post clarifies everything you need to know: https://lnkd.in/eyGa34C5 #insolvency #proofofdebt #liquidation #administration #moratorium
-
-
Sequestration Process - What Happens? A licensed insolvency practitioner is appointed as trustee to oversee the bankruptcy proceedings. They evaluate the debtor's financial situation and determine a monthly payment plan that spans four years, using diverse assets to settle the debt burden. Listen to Katie explain the process in detail and get in touch to discuss further. #middlebrooks #finance #sequestration #creditor #debtor #trustee #bankruptcy #edinburgh
-
Insolvency and Debt Recovery Bulletin- Case Laws Digest: 06th May, 2024 to 19th May, 2024 Weekly IBC judgments summary for quick review. Read here weekly updates with summary of judgments: https://lnkd.in/e_YepXia
Insolvency and Debt Recovery Bulletin- Case Laws Digest: 06th May, 2024 to 19th May, 2024
http://ibclaw.in
