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Bankruptcy

The Attorney-General has responsibility for bankruptcy policy, the Bankruptcy Act 1966 and the Australian Financial Security Authority.

Bankruptcy Amendment (Debt Agreement Reform) Bill 2018

On 7 December 2017, the Senate referred the Bankruptcy Amendment (Debt Agreement Reform) Bill 2018 (the Bill) to the Legal and Constitutional Affairs Legislation Committee (the Committee) for inquiry and report by 19 March 2018.

The Bill was not introduced into Parliament prior to the referral to the Committee.

An exposure draft of the Bill and draft explanatory material is available on the Legal and Constitutional Affairs Legislation Committee page to enable stakeholders to review and comment on the Bill by the Committee's public consultation deadline of 16 February 2018.

Public submissions on the Bill should be made to the Committee directly to facilitate their inquiry.

To discuss concerns or questions about making a submission, please contact the Committee Secretariat on 02 6277 3560 or at legcon.sen@aph.gov.au.

It is expected that the Bill may be introduced in the Autumn 2018 sittings, prior to the Committee's report deadline. The Committee understands that the exposure draft is not expected to be amended prior to its introduction to Parliament.

The following fact sheet includes a succinct overview of the key reforms in the Bill:

Australian Financial Security Authority

The administration and regulation of Australia's bankruptcy system is the responsibility of the Australian Financial Security Authority (AFSA).

The Australian Financial Security Authority website has further information about bankruptcy, including:

  • what to do about unmanageable personal debts
  • what to do if you are owed money by a person
  • how to be a trustee or administrator
  • complaints processes.