Consultation on the introduction of a Minimal Asset Procedure in Australia is open for submissions. A Minimal Asset Procedure would clear a person’s debts and allow access to a fresh start sooner than a bankruptcy, where that person has no other way to pay. Importantly, it should also leave creditors no worse off – meaning Australia’s personal insolvency system remains fair and balanced. Have your say! To access the discussion paper and make submissions visit https://lnkd.in/gpun2X2Z Submissions close on 29 July 2024. If you have questions about the consultation process, email the Attorney-General’s Department at bankruptcy@ag.gov.au
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
