Debt agreement reform - Prescribed Information

Monday, May 20, 2019

In preparation for the debt agreement reforms which go live on 27 June 2019, we’ve been releasing draft guidance documents and updated forms on the AFSAsandpit, so you can view these and provide feedback.

One of the forms we recently released was the Prescribed Information (PI) for Debt Agreements. We have redesigned the PI to provide clearer and more comprehensive information to debtors when they are considering entering into a Debt Agreement.

We’ve had some really useful feedback on this and wanted to share some of the feedback and invite any further comments:

  • One of our stakeholders was really pleased with the new look PI, and suggested we do a similar one for bankruptcy.  
  • Another stakeholder expressed concern that the PI doesn’t explicitly state that a debt agreement is a form of bankruptcy and without that, there is a risk that an individual may think a debt agreement is a form of debt consolidation.  

The draft PI is available on the AFSAsandpit. We will continue to release guidance documents and forms on AFSAsandpit. If you want to be notified whenever we release a new or amended document, you can sign up to received automatic alerts. Go to https://sandpit.afsa.gov.au and click on ‘Register’ at the top of the screen to complete your details.