Legislation Update: The Bankruptcy Amendment Bill 2017

Property & Estates 9/07/2019 by Tasha Wolodko-Kouril

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

 

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