Compensation Scheme of Last Resort
Submission to: Treasury
Related Projects
Consumer Credit Reforms Draft Legislation – Joint Submission from the Financial Counselling Sector
Submission to: Treasury
Financial counsellors strongly oppose the Government’s proposals to wind back Australia’s responsible lending laws. The draft legislation is fundamentally flawed and not capable of adequate amendment to address our concerns.
Financial counsellors strongly oppose the Government’s proposals to wind back Australia’s responsible lending laws. The draft legislation is fundamentally flawed and not capable of adequate amendment to address our concerns.
Corporate Insolvency
Submission to: Parliamentary Joint Committee on Corporations and Financial Services
Drawing on the casework experience of the Small Business Debt Helpline (www.sbdh.org.au) the submission notes that the both Small Business Restructuring Reforms and Simplified Liquidation Reforms have had little impact. Our recommendations include that director guarantees be bound within restructuring proposal terms, the establishment of a government-funded corporate winding-up service operated by ASIC, expanding the limit on unfair preference claims of $30K against unrelated creditors from simplified liquidation to all creditor voluntary liquidations and court liquidations, and a voucher system providing access to accounting, business and legal advice for vulnerable small businesses.
Drawing on the casework experience of the Small Business Debt Helpline (www.sbdh.org.au) the submission notes that the both Small Business Restructuring Reforms and Simplified Liquidation Reforms have had little impact. Our recommendations include that director guarantees be bound within restructuring proposal terms, the establishment of a government-funded corporate winding-up service operated by ASIC, expanding the limit on unfair preference claims of $30K against unrelated creditors from simplified liquidation to all creditor voluntary liquidations and court liquidations, and a voucher system providing access to accounting, business and legal advice for vulnerable small businesses.