Bankruptcy Legislation Amendment Act
| About the Bankruptcy Legislation Amendment Act |
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 Vist the link for: Australian Government, Insolvency and Trustee service Australia, Personal Insolvency and the Law
Application
Persons filing for bankruptcy
Scope
There will be significant changes to several aspects of personal insolvency law under the Bankruptcy Act 1966 most of which will commence on a date to be fixed by proclamation (expected to be 1 December 2010).
The following table summarises the key changes:
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Schedule and Contents
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Summary of provisions
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Commencing
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Schedule 1
Registered trustee remuneration
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Minimum remuneration entitlement increased to $5,000
New remuneration approval and review procedures
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Upon Proclamation
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Schedule 2
Offences
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Increased penalties
Infringement Notice scheme
Increased investigation powers
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Upon Proclamation
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Schedule 3
Bankruptcy Districts.
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Removal from Act
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15 July 2010
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Schedule 4 Part 1
Increase in minimum debt to support a Bankruptcy Notice and Creditor’s Petition
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Change to Bankruptcy Notice and Creditor’s Petition provisions increasing the minimum debt from $2,000 to $5,000
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11 August 2010
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Schedule 4 Part 2
Declaration of Intention
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Declaration of Intention Stay period – change from 7 to 21 days
Declaration of Intent to be accompanied by Statement of Affairs (s54A)
Notification of creditors (s54C)
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Upon
Proclamation
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Status
Received royal assent
Effective
See table above
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