Australia will see a raft of reforms to the national bankruptcy system introduced so that debtors involved in personal insolvency matters receive fairer outcomes.
On Monday, Attorney-General (A-G) Mark Dreyfus said key changes would lift the stigma associated with filing for bankruptcy.
The changes include increasing the timeframe in which a debtor may respond to a bankruptcy notice by seven days (from 21 to 28 days), and limiting the period in which a discharged bankruptcy is listed on the National Personal Insolvency Index to seven years after filing.
“[The amendments also include] increasing the threshold for involuntary bankruptcies from $10,000 to $20,000, with the threshold to be indexed each year,” Dreyfus…
