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AFSA’s Personal Insolvency Compliance Report 2019-20, published in December, has highlighted the agency’s achievements in an unprecedented year.
AFSA recently reviewed completion rates of the compulsory Statement of Affairs forms. The review was encouraging with most people who are bankrupt complying with their obligations, either voluntarily or after contact with the Official Receiver (OR) or AFSA.
In June 2020, AFSA launched the Integrity Principles for Trustees and Debt Agreement Administrators, offering the personal insolvency profession a shared vision of good culture.
AFSA regularly provides information to guide prospective applicants through the registration application process. A few questions were answered in the September and December 2020 editions of the PIR, which you can find at the AFSA Newsroom.
This new service replaces the Business Portal and will make it easier for insolvency practitioners to interact with the ATO online.
The new Bankruptcy Regulations 2021 are due to commence on 1 April 2021, with the Bankruptcy Regulations 1996 to sunset.
As part of AFSA’s insolvency compliance program for 2020-21, we are targeting those that provide untrustworthy advice to people who are financially vulnerable.
As a part of our regulatory role, we consider applications to determine the remuneration of trustees. Recent applications have shown that trustees have failed to appropriately account for remuneration in joint and separate estates.
Registered trustees and debt agreement administrators are reminded to carefully review their fraud protocols, after a former insolvency practitioner plead guilty to fraud and dishonesty charges.
A brief reminder of key issues in the insolvency profession.
AFSA highlights new resources of importance to practitioners – including the new Inspector-General guidance document which outlines offences that should be considered when lodging an Objection to Discharge.
Nicola Howell from the Queensland University of Technology has explored whether public bankruptcy records impact business activity.