What are people's thoughts about this proposed bill on FSA?
From the AFSA newsletter this month
https://www.afsa.gov.au/sites/g/files/net1601/f/pir_march_2018_newsletter.pdf
The Bankruptcy Amendment (Debt Agreement Reform) Bill 2018 would make some significant changes to
the operation of Part IX of the Bankruptcy Act 1966
(the Bankruptcy Act). Key proposed changes in the
Bill include:
I don't yet understand the industry or FSA sufficiently to get my head around any impacts.
- a three-year maximum term for debt agreement proposals
- doubling the asset eligibility threshold
- restricting payment obligations by debtors based on income level
- changes to the conditions of registration for registered debt agreement administrators, including allowing the Minister to impose industry-wide conditions.
Thanks in advance,
LB
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