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Bankruptcy laws set to change
Bankruptcy laws are set to change in response to the increasing number of Australians set to suffer financially as a result of the coronavirus fallout.
Bankruptcy laws set to change
Bankruptcy laws are set to change in response to the increasing number of Australians set to suffer financially as a result of the coronavirus fallout.
Among the proposed economic initiatives put forward by Prime Minister Scott Morrison and the Treasury on Sunday, 22 March, were a number of changes to bankruptcy law.
According to the Australian Financial Security Authority (AFSA), the debt threshold for creditors to apply for a bankruptcy notice against a debtor will increase to $20,000.
In addition, the time frame for a debtor to respond to a bankruptcy notice before a creditor can commence bankruptcy proceedings will be increased to up to six months.
The temporary protection period procedure available for debtors is also likely to change to prevent recovery action by unsecured creditors for a six-month period.
AFSA has outlined that the changes are expected to come into effect shortly.
nestegg will provide an update as we learn more.
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