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Australia

On September 11 the Bankruptcy Legislation Amendment Bill 1996 passed the House of Representatives in amended form. Key provisions contained in the Bill include:

  • introducing new administrative arrangements (through the creation of an extended service within the Insolvency and Trustee Service, Australia) to ensure that people in financial difficulty only have to deal with one agency in relation to bankruptcy and personal insolvency matters, rather than two;
  • allowing trustees to have greater power to act without the need for approval by the Court, creditors or a Committee of Inspection when administering bankruptcies; and
  • introducing a form of insolvency administration outside bankruptcy whereby people who have low levels of debt, few assets and low incomes may enter into 'debt agreement' directly with creditors for the payment of their debts.

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