Second Reading Speeches

Bankruptcy Amendment (Enterprise Incentives) Bill 2017

Type
Government
Portfolio
Attorney-General
Originating house
Senate
Status
Not Proceeding
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.