Legislation Update: The Bankruptcy Amendment Bill 2017Bankruptcy & Personal Insolvency, Business & Company, Insolvency & Corporate Restructuring
The Bankruptcy Amendment (Enterprise Incentives) Bill 2017
has now lapsed
The controversial Bankruptcy Amendment (Enterprise Incentives) Bill 2017 officially lapsed on 1 July 2019 and as such will no longer be proceeding. If the Bill was passed, it would have had the effect of amending the Bankruptcy Act 1966 so that the default period of bankruptcy was reduced from 3 years to 1 year. Considering the significant impact of declaring bankruptcy or otherwise becoming bankrupt on a bankrupt’s creditors, and the larger flow on effect to the economy, some may be pleased to see that this Bill has lapsed.
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By Tasha Wolodko-Kouril