Response 472668709

Back to Response listing

Introduction / Questions about you

Making your survey responses public

Please select one item
(Required)
I agree to my survey responses being made public under my name
I agree to my survey responses being made public anonymously
I do not want my survey responses to be made public

Reduce Bankruptcy to one year and strengthen objection to discharge provisions and offence provisions.

Please provide any views you have about reducing the default bankruptcy period from 3 years to one year.

I am fully supportive of this change.

If the default period for bankruptcy is reduced to one year, which of the following reasons should exclude someone from a one-year bankruptcy? You may select more than one.

Please select all that apply
They have been bankrupt before
They have been banned as a director
They had a bankruptcy extended through an objection to discharge, or
They have been convicted of certain offences.
None of the above, anyone should be able to access a one-year bankruptcy

Are there any other reasons that someone should be excluded from a one-year bankruptcy?

Please select one item
Yes
No

Please list other reasons that should exclude someone from a one-year bankruptcy and why.

If the amount owed to creditors is over $1m

If the default period of bankruptcy is reduced to one year, do you think someone who has been bankrupt in the preceding 10 years should be able to apply for an early discharge from a 2-year or 3-year bankruptcy if they meet certain eligibility criteria (e.g. the person has satisfied all their tax obligations, has not engaged in voidable transactions, has been cooperative throughout the bankruptcy process etc)?

Yes

Are there certain Bankruptcy Act offences which could have penalties strengthened to target abuse of a one-year bankruptcy?

Please select one item
Yes
No

Promote debt agreements

Should the default term limit for debt agreements be extended to 5 years?

Please select one item
Yes
No
Here you may elaborate on your answer to the above question.
I also think that the eligibility thresholds should be expanded. Increase the eligibility thresholds for debt agreements:

"The government is considering increasing the debt and income thresholds to match the asset threshold. At the time of publication, the debt, income and asset thresholds are $121,030.00, $90,772.50, and $242,060.00, respectively. The dollar amounts for the debt, income and asset thresholds are indexed."

Realistically, all these thresholds are too low. I suggest doubling the thresholds.

If the default debt agreement term is extended to 5 years, should the home ownership exception remain, to allow a debtor with a real interest in property to propose a longer debt agreement beyond a 5 year default term?

Please select one item
Yes
No

Should the exclusion period for lodging a debt agreement proposal be reduced from 10 years to 7 years?

Please select one item
Yes
No

Should debtors that have previously been party to only a debt agreement be provided with a specific exclusion period of 5 years (rather than the proposed 7 years)?

Please select one item
Yes
No

The lodgement of a debt agreement should no longer be considered an ‘act of bankruptcy’.

Please select one item
Agree
Disagree