Feedback sought on personal insolvency discussion paper
The Morrison Government is calling for feedback on a new discussion paper outlining possible changes to the personal insolvency system.
Assistant Minister to the Attorney-General, Amanda Stoker, said the Government is considering the personal insolvency system to ensure it remains fit for purpose and supports our ongoing economic recovery.
"The Australian Government understands the enormous impact COVID-19 has had on Australians and the economy on which they depend," Minister Stoker said.
"We are committed to ensuring that the system continues to balance the interests of debtors and creditors and remains clear, fair and efficient for people navigating the personal insolvency process.
"Submissions are welcome from all interested stakeholders, especially parties whose focus is on unincorporated businesses such as sole traders and partnerships that may be experiencing personal insolvency as a result of the pandemic."
The bankruptcy system and the impacts of coronavirus discussion paper is available on the Attorney-General's Department website.
Submissions close 12 February 2021.