Introduced with the Bankruptcy (Estate Charges) Amendment Bill 2004, the bill amends the
Bankruptcy Act 1966 in relation to binding arrangements with creditors as an alternative to bankruptcy by: increasing the disclosure requirements of debtors, creditors and trustees; replacing the three current types of arrangements with a single form of arrangement to be called a personal insolvency agreement; and simplifying the process for setting aside and terminating arrangements; and makes consequential amendments to 16 other Acts; and contains application and transitional provisions. Also amends the:
Bankruptcy Act 1966 in relation to: related changes to post-bankruptcy compositions and schemes of arrangement; performance standards of registered trustees; creditors’ voting documents; notice of meetings; and to make technical amendments; and the
Bankruptcy Legislation Amendment Act 2002 to: correct a drafting error; and validate past acts.