AFSA meets with major creditors

AFSA recently hosted a major creditor’s forum at our Sydney office. This is a valuable opportunity to discuss the importance of active and effective creditor involvement in insolvency proceedings to ensure suitability of the particular option and proposal for the debtor. 

It was also a good opportunity to share information and identify opportunities for improved service provision.

We welcomed representatives from the ATO, Westpac, Citi Group, Credit Corp, ACM Group, Baycorp, Max Recovery, IMS, the Kessler Group and the Attorney-General’s Department.

The upcoming changes to debt agreements was the main topic of discussion. These changes are designed to increase the standards that apply to registered debt agreement administrators (RDAAs) and protect vulnerable debtors.

Information about these changes can be found on our website.

This forum provided an opportunity for creditors to raise concerns and ask questions about the changes. More detail about what was discussed can be found below.

Participants agreed that we are all responsible for informing debtors of their options and that it is important that debtors have access to the right information. Work we are doing to achieve this includes reviewing the prescribed information provided to debtors who are considering entering a debt agreement.

We are also reviewing our communication channels to increase accessibility of our information to those who are financially vulnerable.

I thank all participants for an informative and valuable forum.

Gavin McCosker

Deputy Chief Executive, Chief Operating Officer
and Registrar of Personal Property Securities