Be reform ready

With the changes under the Bankruptcy Amendment (Debt Agreement Reform) Act 2018 due to commence in coming weeks, I thought it would be useful to discuss AFSA’s role in supporting you to ensure you’re change ready—as well as what we expect from those who are impacted by the changes.

Our overall goal here is to ensure that the debt agreement reform is managed as smoothly as possible. To assist with this, we’re working to provide timely and detailed information and guidance to support registered practitioners to comply with the changes.

One of the ways we do this is to work closely with key stakeholders such as the Personal Insolvency Professional Association (PIPA). We also publish information on our website, in the Personal Insolvency Regulator (PIR) and through direct communication to practitioners.

We’ve also been sharing guidance and forms that will apply from 27 June on the AFSASandpit.

Successful preparation and implementation of the reform is not only the responsibility of AFSA. If you’re going to be impacted by the reform, you need to make sure that you’re prepared and in a position to meet your obligations.

If you play a role in administering debt agreements, then we expect you will familiarise yourself with what is required to be compliant with the change—and that you will take responsibility to ensure you meet your obligations. Anything less may be considered by AFSA to be an act of non-compliance.

As always, if you have concerns about any behaviour that seems suspicious or untrustworthy, please let us know about it by making a tip-off. If we’re not aware of something, we can’t do anything about it.

By all working together we can ensure the upcoming reform happens as smoothly as possible and this contributes to maintaining a healthy personal insolvency system that everyone has confidence in.

Paul Shaw

National Manager Regulation & Enforcement