As a fellow Australian and businessperson, please support this petition to the Federal Government.
We, the undersigned, demand that the Federal Government sanction, with immediate effect, the proposed Bankruptcy Amendment Bill, 2017 (Enterprise Incentives), as follows:
- Retain the bankruptcy trustee’s ability to object to discharge, and instead, to extend the bankruptcy period to eight (8) years.
- Retain the permanent record of bankruptcy in the National Personal Insolvency Index.
- In consultation with relevant industry and licensing associations, align licensing and industry restrictions with the reduced one-year default bankruptcy period.
- Reduce the current restrictions on a bankruptee’s ability to obtain credit or undertake overseas travel to one year, subject to any extension due to misconduct.
- Impose a continuing obligation on the bankruptee to assist in the proper administration of their bankruptcy, even after discharge.
- Retain the bankruptee’s obligation to pay income contributions for three years, regardless of the one-year discharge, with the possibility of income contributions to be extended to five (5) or eight (8) years.
It is our collective belief that this is of extreme importance given our current business environment due to COVID-19 and the predicted protracted economic recession. The time to act is now! As a nation, we demand the Bankruptcy Act 1966 legislation is amended, post haste.