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Personal Insolvency Roundtable first step to bankruptcy reform

The Hon Mark Dreyfus KC MP
Media Release

Today I am holding a national roundtable on personal insolvency to identify reforms needed to Australia’s bankruptcy laws.

The Albanese Government is committed to an effective bankruptcy system that offers debtors the opportunity for a fresh start while protecting the rights of creditors.

The roundtable brings together the credit, finance, accounting and legal sectors as well as consumer groups to discuss how the Government can ensure the Bankruptcy Act remains fit for purpose in a modern, developed economy like Australia’s.

I will be seeking proposals for immediate reform areas such as the bankruptcy threshold, duration of bankruptcy, debtor rehabilitation, access to financial counsellors and regulation of untrustworthy advisers as well as longer term challenges that need to be addressed.

My department will work closely with the Australian Financial Security Authority to develop possible reform for the Government to consider.

A summary of the roundtable discussion will be made available on the Attorney‑General’s Department’s website.

Confirmed Attendees to the National Roundtable on Personal Insolvency

  • Association of Independent Insolvency Practitioners (AIIP)
  • Australian Banking Association (ABA)
  • Australian Financial Complaints Authority (AFCA)
  • Australian Institute of Credit Management (AICM)
  • Australian Restructuring Insolvency and Turnaround Association (ARITA)
  • Australian Retail Credit Association (ARCA)
  • Australian Small Business and Family Enterprise Ombudsman (ASBFEO)
  • Chartered Accountants Australia and New Zealand (CA ANZ)
  • Chartered Practicing Accountants (CPA) Australia
  • Consumer Action Law Centre (CALC)
  • Consumer Credit Law Centre SA (Uniting Communities)
  • Financial Counselling Association of WA
  • Financial Counselling Australia (FCA)
  • Financial Counselling Service and Consumer Law Centre of ACT (CARE Inc)
  • Financial Rights Legal Centre / Mob Strong Debt Helpline
  • Indigenous Consumer Assistance Network
  • Law Council of Australia, Business Law Section (LCA)
  • Legal Aid Queensland, Civil Justice Services / Consumer Protection Unit
  • Murrays Legal
  • National Emergency Management Authority (NEMA) on behalf of Rural Financial Counselling Service Nationally
  • Personal Insolvency Professionals Association (PIPA)
  • Queensland university of Technology Consumer Policy and Regulation Research Group
  • Small Business Debt Helpline