Temporary insolvency relief measures introduced in March last year as part of the governments COVID response ended last month but there is more change in store for the bankruptcy system.
Attorney-General Christian Porter has released a discussion paper, outlining a range of possible permanent changes to the system.
Following the end of the temporary measures:
– the minimum amount of debt that can trigger bankruptcy dropped down from A$20,000 to $10,000 (before the COVID relief measures were put in place the minimum amount of debt that could trigger a bankruptcy was $5000);
– the minimum amount of debt that can trigger a statutory demand has come back from $20,000 to $2000;
– the amount of time an individual has to respond to a bank…
Read the full article at: https://www.bankingday.com/more-change-ahead-for-insolvency-system
