The federal government has tabled a bill to amend Australia’s bankruptcy laws that could see the mandated bankruptcy period cut by two years.
The bill, which was tabled for hearing in the senate last week, would see bankrupt individuals discharged from bankruptcy after a one-year period, rather than three years.
Individuals would no longer be required to disclose their bankrupt status when applying for credit or traveling overseas after being discharged from bankruptcy, and they would be able to become company directors once again.
Income contribution obligations, however, would be extended for at least another two years, or five to eight if the bankruptcy was extended due to non-compliance.
Australian…
Read the full article at: https://www.crn.com.au/news/government-wants-to-reduce-bankruptcy-period-by-two-years-476066
