12 Month Bankruptcy
Legislation has been passed through Federal Parliament during 2017 and 2018, such that amendments to the Bankruptcy are now expected with the effect of reducing the duration of a standard bankruptcy from 3 years to just 12 months.
Commencement dates have not yet been announced by the Federal Government, however it is expected 12 month bankruptcy may commence in late 2018 or early 2019.
This is expected to have significant implications for individuals suffering financial distress in the assessment of the best options available to them. We recommend that anyone considering entry into a Part IX Debt Agreement, a Part X Personal Insolvency Agreement or otherwise contemplating any actions to settle creditor claims, should contact us to discuss the implications of the pending changes prior to doing so.
The proposed details around how 12 month bankruptcy will work in practice have not yet been released. Robson Cotter Insolvency Group are at the forefront of bankruptcy administration and will provide updates at this location as further details and expected legislation commencement dates are announced by Government.
Please contact us at any time to discuss how 12 month bankruptcy may work for you.