Bankruptcy Amendment (Enterprise Incentives) Bill 2017 – Reduction of Bankruptcy Period from 3 Years to 12 Months – Joint Submission
Submission to: Attorney-General’s Department
Related Projects
Product Intervention Orders: Short Term Credit Contracts and Continuing Credit Contracts
Submission to: ASIC re Consultation Paper 335
Submission from the financial counselling sector to ASIC supporting the proposed use of their product intervention powers that would have the effect of stopping Cigno and associated companies using business models that take advantage of exemptions in the law and sees them charging consumers fees well above the maximum allowable under regulated credit. The submission draws on the casework experiences of financial counsellors and points out the substantial detriment these business models are having on people.
Submission from the financial counselling sector to ASIC supporting the proposed use of their product intervention powers that would have the effect of stopping Cigno and associated companies using business models that take advantage of exemptions in the law and sees them charging consumers fees well above the maximum allowable under regulated credit. The submission draws on the casework experiences of financial counsellors and points out the substantial detriment these business models are having on people.
The Bankruptcy System and the Impacts of Coronavirus – Discussion Paper
Submission to: Attorney-General’s Department
Joint consumer group submission (led by Financial Rights Legal Centre) response to a discussion paper from the Federal Attorney-General’s Department. The submission recommends that the default period for bankruptcy should reduce to 1 year (and if so, changes should also be made to the credit reporting system), that charging fees for bankruptcy advice should be banned, the Bankruptcy Act should be amended so that people who later experience further financial hardship can apply to reduce their contributions and that all small business lenders should be members of AFCA. The submission also makes a raft of recommendations in relation to debt agreements, including that the income, debt and asset thresholds should not increase, that the term limit remain the same and that bankrupts be allowed to keep compensation awarded by AFCA. Other recommendations includes that payments from TPD insurance should be protected in bankruptcy, bankrupts should be able to retain accumulated savings, once they have met their income contributions and the fees charged by bankruptcy trustees should be subject to a review as well as greater auditing and enforcement from AFSA. Financial counselling should be available in all Federal Circuit Courts (based on the approach in the Melbourne registry).
Joint consumer group submission (led by Financial Rights Legal Centre) response to a discussion paper from the Federal Attorney-General’s Department. The submission recommends that the default period for bankruptcy should reduce to 1 year (and if so, changes should also be made to the credit reporting system), that charging fees for bankruptcy advice should be banned, the Bankruptcy Act should be amended so that people who later experience further financial hardship can apply to reduce their contributions and that all small business lenders should be members of AFCA. The submission also makes a raft of recommendations in relation to debt agreements, including that the income, debt and asset thresholds should not increase, that the term limit remain the same and that bankrupts be allowed to keep compensation awarded by AFCA. Other recommendations includes that payments from TPD insurance should be protected in bankruptcy, bankrupts should be able to retain accumulated savings, once they have met their income contributions and the fees charged by bankruptcy trustees should be subject to a review as well as greater auditing and enforcement from AFSA. Financial counselling should be available in all Federal Circuit Courts (based on the approach in the Melbourne registry).