By David Jacobson The Bankruptcy Amendment (Debt Agreement Reform) Bill 2018 has been introduced into the House of Representatives to reform Australia’s debt agreement system.
The Bill makes provision for:
the types of practitioners authorised to be debt agreement administrators;
registration, deregistration and the obligations of debt agreement administrators;
changing the threshold for debt agreements;
formation, administration, variation and termination of debt agreements;
protections against debt agreements that cause financial hardship or have other defects; and
powers of the Inspector-General in Bankruptcy (Inspector-General) with respect to debt agreements and debt agreement administrators.
The majority of amendments in the Bill will commence six months after Royal Assent.
The purpose of …read more
Source:: Bright Law