Under the Government's Cost Recovery Policy, the Australian Financial Security Authority (AFSA) has adopted a formal cost recovery regime in respect of fees and charges payable under the Bankruptcy Act and related legislation, effective from 1 July 2006.
Please note that follow PDFs are hosted on the National Library of Australia web archive.
AFSA has reviewed its fees and charges in accordance with that policy, resulting in the following Cost Recovery Implementation Statements (CRIS's):
- - the initial review, for consideration by government in the 2005-2006 Budget
- - immediately prior to the 1 July 2006 introduction in AFSA of the changed fees and charges regime, to verify that fee levels accurately reflected costs
- - as a result of the Bankruptcy Legislation Amendment (Debt Agreements) Act 2007 which introduced a new registration system for debt agreement administrators
- - as a result of the Bankruptcy (Estate Charges) Amendment Act 2007 which will, from 1 July 2007, extend the realisations charge and interest charge to apply to moneys recovered in debt agreements
- - as a result of the first biennial review of fees and charges
- - as a result of a second biennial review
- - as a result of the Government's decision to impose a fee for lodging a debt agreement proposal with the Official Receiver
- - as a result of the need to increase the realisation charge and implement a new advertising fee for creditor’s meetings on AFSA’s website
- - as a result of a third biennial review
- - as a result of a third biennial review and then amended for 1 April 2014 - as a result of the personal insolvency fees increase to fully recover the costs of administering personal insolvencies
- - as a result of the fourth biennial review. 5
Fees and charges have been determined after consultation with stakeholders, via a Cost Recovery Reference Group comprising representatives from various creditor associations, registered trustees, the Law Council of Australia, debt agreement administrators and financial counsellors.
The net cost for AFSA’s insolvency programme can be represented by the appropriation funding AFSA receives. Refer to Portfolio Budget Statements.
Notification of future reviews will be posted on AFSA’s website.
Information on the cost recovery regime operating for the Personal Property Securities Register is available on the Fees web page of the Personal Property Securities website.