Response 757670137

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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.

Support the initiative

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

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

Targeting untrustworthy advisors

Please provide any views you have about the proposed requirements to provide and collect information about pre-insolvency advisors and advice, as detailed below and in the options paper.

Agree but will be hard to prove but atleast AFSA will be able to gauge where the UA activity is occurring.

In an effort to target untrustworthy advisor activity, which of the following Bankruptcy Act offences should include an offence to advise, instruct, assist or counsel any person to commit, or attempt to commit, that offence? You may select more than one.

Please select all that apply
subsection 263(1) – concealing a bankrupt’s property with the intent to defraud creditors
subsection 267(2) – making a false declaration or statement which the person knows to be false
subsection 268(3) – making a false representation or committing any fraud when executing a personal insolvency agreement with the intention of obtaining the consent of creditors

Are there any other existing Bankruptcy Act offences which should include an offence to advise, instruct, assist or counsel any person to commit or attempt to commit that offence?

Please select one item
Yes
No