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Important amendments - Personal Insolvency Reform
Invitation to ITSA Information Sessions
The Bankruptcy Legislation Amendment Bill 2009 received the Royal Assent on 14 July 2010.
This means there will be significant changes to several aspects of personal insolvency law under the Bankruptcy Act 1966 most of which will commence on a date to be fixed by proclamation (expected to be 1 October this year).
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Schedule and Contents |
Summary of provisions |
Commencing
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Schedule 1
Registered trustee remuneration
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Minimum remuneration entitlement increased to $5,000
New remuneration approval and review procedures |
Upon Proclamation |
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Schedule 2
Offences
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Increased penalties
Infringement Notice scheme
Increased investigation powers |
Upon Proclamation |
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Schedule 3
Bankruptcy Districts. |
Removal from Act |
Day after the Act receives Royal Assent. |
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Schedule 4 Part 1
Increase in minimum debt to support a Bankruptcy Notice and Creditor’s Petition |
Change to Bankruptcy Notice and Creditor’s Petition provisions increasing the minimum debt from $2,000 to $5,000 |
28 days after Royal Assent |
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Schedule 4 Part 2
Declaration of Intention
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Declaration of Intention Stay period – change from 7 to 21 days
Declaration of Intent to be accompanied by Statement of Affairs (s54A)
Notification of creditors (s54C) |
Upon
Proclamation
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Please note that the proposed amendments to increase the eligibility thresholds for debt agreements by 20% were removed from the Bill on the basis that it is appropriate to await the outcomes of the upcoming review of the Part IX legislation.
ITSA is running free information sessions on how these changes will work in practice. These sessions will commence in late August and will give you the opportunity to supplement your training and have all your questions answered.
Full detail of the amendments, including copies of the Amendment Bills and Explanatory Memorandum may be found on Comlaw at <http://www.comlaw.gov.au>
Who Should Attend?
- Registered trustees and their employees;
- Creditors & Mercantile Agents and their employees;
- Financial counsellors;
- Debt Agreement Administrators and their employees and
- Solicitors.
Representatives from ITSA 's Information and Registry and Regulation and Enforcement
office in your state/region will be delivering the information session/s.
2 Types of Sessions
ITSA acknowledges that its clients and the Personal Insolvency industry stakeholders require varying degrees of insolvency related knowledge depending on their particular area of work. In light of this, ITSA is offering 2 types of sessions:
Overview Session
(1 -1.5 hours in duration)
The overview session will provide the attendees with a general understanding of the changes to the legislation. ITSA recommends that this session would be best suited to those clients who are not actively practising in the personal insolvency field but need a general awareness of the legislation, for example, to enable them to provide information to their own clients.
Detailed Session
(4 hours in duration)
The detailed session will provide a more in-depth analysis of the changes and how they will be applied. These sessions are recommended for Registered Trustees, their staff and other clients and stakeholders that deal with personal insolvency matters on a regular basis.
Morning tea and lunch will be provided.
Venue Details
Once your nomination is received details of the venue will be confirmed with you.
How do you nominate?
All session dates have been listed below. Bookings are essential. Please complete the nomination form attached to this invitation and send it to Ms Smitha Shankar (02 6270 3406) Smitha.Shankar@itsa.gov.au
Once your nomination is received the venue and time of session will be confirmed with you. Nominations are due by Thursday 12 August 2010.
Session Details
Bankruptcy Act & Regulations Amendments
Information Session Details
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Session
No. |
Session
Location |
Session
Type 1 |
Day
of week |
Date |
Time
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|
1. |
Brisbane |
D |
Wed |
25 August |
8.45am |
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2. |
Brisbane |
O |
Wed |
25 August |
4pm |
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3. |
Brisbane |
D |
Thurs |
26 August |
8.45am |
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4. |
Brisbane |
O |
Thurs |
26 August |
4pm |
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5. |
Brisbane |
O |
Fri |
27 August |
10.30am |
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6. |
Melbourne |
D |
Mon |
30 August |
8.45am |
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7. |
Melbourne |
O |
Mon |
30 August |
4pm |
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8. |
Melbourne |
D |
Tues |
31 August |
8.45am |
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9. |
Melbourne |
O |
Tues |
31 August |
4pm |
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10. |
Melbourne |
O |
Wed |
1 September |
10.30am |
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11. |
Adelaide |
D |
Thurs |
2 September |
8.45am |
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12. |
Adelaide |
O |
Thurs |
2 September |
4pm |
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13. |
Adelaide |
O |
Fri |
3 September |
10.30am |
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14. |
Perth |
O |
Thurs |
9 September |
10.00am |
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15. |
Perth |
D |
Thurs |
9 September |
1.00pm |
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16. |
Perth |
O |
Fri |
10 September |
8.45am |
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17. |
Sydney |
D |
Mon |
30 August |
8.45am |
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18. |
Sydney |
O |
Mon |
30 August |
4pm |
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19. |
Sydney |
D |
Tues |
31 August |
8.45am |
|
20. |
Sydney |
O |
Tues |
31 August |
4pm |
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21. |
Sydney |
O |
Wed |
1 September |
1.30pm |
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22. |
Hobart |
D |
Mon |
23 August |
1.00pm |
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23. |
Hobart |
O |
Tues |
24 August |
10.30am |
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24. |
Canberra |
D |
Mon |
6 September |
8.45am |
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25. |
Canberra |
O |
Mon |
6 September |
4pm |
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26. |
Townsville |
D |
Thurs |
2 September |
8.45am |
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27. |
Townsville |
O |
Thurs |
2 September |
4pm |
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28. |
Cairns |
D |
Fri |
3 September |
8.45am |
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29. |
Cairns |
O |
Fri |
3 September |
4pm |
Notes
D = Detailed Session
O = Overview Session
To access the Information Session Nomination Form, please click here.
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