Bankruptcy Amendment (Enterprise Incentives) Bill 2017

Type
Government
Portfolio
Attorney-General
Originating house
Senate
Status
Before Senate
Parliament no
45

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Summary

Amends the Bankruptcy Act 1966 to: provide that, where a bankrupt becomes a bankrupt again, the income contribution obligations and contribution assessment period for the first bankruptcy will cease; provide that ceasing income contributions to a trustee in an earlier bankruptcy in the event of a second bankruptcy does not limit the ability of the trustee in the later bankruptcy to exercise certain powers; amend notification requirements to provide that a bankrupt or discharged bankrupt must notify the trustee within 10 business days of changes to their name, address and phone number during the ‘prescribed period’; clarify the period for which eligible discharged bankrupts must continue to make income contribution payments to the bankrupt estate; extend the requirement to make certain income contribution payments to persons who are eligible to make these payments, but have been automatically discharged after one year; ensure that a bankrupt or discharged bankrupt will ordinarily be liable for income contributions for at least three contribution assessment periods; provide that determinations regarding supervised account regimes apply post discharge and throughout the contribution assessment periods, and only cease when the bankrupt is no longer liable to pay a contribution; extend the obligations and duties on a bankrupt to keep and produce records of income, employment and financial transactions or dealings; provide for an automatic discharge after one year of bankruptcy and related transitional arrangements; and enable the extension of a period of bankruptcy on the basis of an objection by a trustee or official receiver.

Progress

Senate
Introduced and read a first time 19 Oct 2017
Second reading moved 19 Oct 2017

Documents and transcripts

Text of bill

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Explanatory memoranda

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Proposed amendments

No proposed amendments have been circulated.

Schedules of amendments

No documents at present

Bills digest

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Notes

Helpful information

Text of bill

  • First reading: Text of the bill as introduced into the Parliament
  • Third reading: Prepared if the bill is amended by the house in which it was introduced. This version of the bill is then considered by the second house.
  • As passed by both houses: Final text of bill agreed to by both the House of Representatives and the Senate which is presented to the Governor-General for assent.

Explanatory memoranda

  • Explanatory memorandum: Accompanies and provides an explanation of the content of the introduced version (first reading) of the bill.
  • Supplementary explanatory memorandum: Accompanies and explains amendments proposed by the government to the bill.
  • Revised explanatory memorandum: Accompanies and explains the amended version (third reading) of the bill. It supersedes the explanatory memorandum.

Proposed amendments

Circulated by members and senators when they propose to make changes to the bill. For details about the outcome of proposed amendments please refer to either the Votes and Proceedings (House of Representatives) or the Journals (Senate).

Schedules of amendments

Schedules of amendments list amendments agreed to by the second house are communicated to the first house for consideration. Subsequent action by either house may also be included in a schedule.