PIR Newsletter - December 2020

AFSA shining a spotlight on untrustworthy advisors

AFSA has recently launched a campaign to raise awareness of dodgy insolvency advisors who exploit people when they seek help to manage debt.

Industry wide conditions for all registered debt agreement administrators

A reminder that new industry-wide conditions for all registered debt agreement administrators (DAAs) will commence on 1 January 2021.

Registration of Personal Insolvency Practitioners: FAQs December 2020

Over 2020–2021, AFSA will provide information to help guide prospective applicants through the process of applying for registration.

AFSA practitioner survey findings

The survey asked further questions about the health of the industry during the challenges presented by COVID-19.

Practitioner fraud risk management

Whilst the unprecedented global crisis continues due to the COVID-19 pandemic, it remains important for all personal insolvency practitioners to continue to remain vigilant and ensure that their fraud risk management capabilities remain effective.

COVID-19 challenges and seeking advice for small business owners

Many businesses are experiencing financial stress due to the conditions created by the COVID-19 pandemic. Small business owners need to take action and properly manage financial and operational difficulties.

New resources for Practitioners

As part of AFSA’s ongoing efforts to provide relevant guidance to personal insolvency practitioners, we have published two new Inspector-General guidance documents.

Section 77C examinations now available by video conference

Insolvency practitioners have faced a number of challenges since the COVID-19 pandemic took hold earlier this year, in particular the ability to obtain evidence from people being made bankrupt and their associated entities to effectively administer bankrupt estates.

ATO Update: Interacting with the ATO

When interacting with the ATO, the ATO Business Portal is the preferred method. The portal is an electronic service available to insolvency practitioners and can be used to manage the tax affairs of incapacitated entities.

Official Receiver Notices – Compliance Value

The Bankruptcy Act 1966 gives the Official Receiver particular powers in certain situations to help trustees administer bankrupt estates.