In the Mid-Year Economic and Fiscal Outlook 2013-14, the Australian Government stated that it will increase personal insolvency fees to fully recover the costs of administering personal insolvencies.
It is proposed that two new fees be introduced and that the realisations charge be increased from 4.7% to 6%:
- a fee of $120 for the lodgement of a debtor’s petition under s55, s56B and s57 of the Bankruptcy Act 1966 (the Act)
- a fee of $150 for the processing of requests by undischarged bankrupts whose bankruptcy is being administered by the Official Trustee for permission to travel overseas pursuant to s272(c).
The proposed commencement dates for these changes are:
- lodgement of a debtor’s petition fee – 1 April 2014
- permission to travel overseas fee – 1 April 2014
- increase in the realisations charge – 1 July 2014.
In accordance with the Australian Government Cost Recovery Guidelines, a Cost Recovery Impact Statement (CRIS) has been prepared:
We invite your comments on the CRIS by 28 February 2014 to firstname.lastname@example.org.