Attorney-General’s Department Discussion Paper – Minimal Asset Procedure
The Insolvency and Restructuring Committee of the Business Law Section of the Law Council of Australia (the IRC) provided a submission to the Attorney-General’s Department in relation to the Minimal Asset Procedure (MAP) discussion paper.
This submission deals with IRC’s feedback on the discussion questions contained in the MAP discussion paper.
As a broad observation, the IRC welcomes the proposed introduction of a procedure to assist debtors who have no reasonable way to repay their debts, and believes that the MAP (subject to further detailed consideration) would work constructively and collaboratively with the existing personal insolvency regime (PIR).
If the MAP is to proceed, the IRC submits that, for the reasons listed in the discussion points below, it should be enacted in a standalone piece of legislation and not incorporated into the existing PIR. For the purposes of this submission, references to the PIR mean the options under the Bankruptcy Act listed in the discussion paper, namely:
- temporary debt protection;
- debt agreements;
- personal insolvency agreements; and
- bankruptcy.
Read the full submission below.
Last Updated on 21/08/2024
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