PIR Newsletter - March 2021

AFSA reports strong regulatory outcomes despite uncertain year

AFSA’s Personal Insolvency Compliance Report 2019-20, published in December, has highlighted the agency’s achievements in an unprecedented year.

Spotlight: Compliance and filing of the Statement of Affairs

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.

Share your integrity stories

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.

Registration of Personal Insolvency Practitioners: FAQs

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.

ATO Update: new online services for business

This new service replaces the Business Portal and will make it easier for insolvency practitioners to interact with the ATO online.

New Bankruptcy Regulations

The new Bankruptcy Regulations 2021 are due to commence on 1 April 2021, with the Bankruptcy Regulations 1996 to sunset.

Change to Consent to Act form now in place

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.

Joint and Separate Estates: accounting for Remuneration

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.

The importance of integrity for insolvency professionals

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.

Practice Matters

A brief reminder of key issues in the insolvency profession.

Resources for Practitioners

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.

Behavioural insights into the impact that the public record of bankruptcy has on business activity

Nicola Howell from the Queensland University of Technology has explored whether public bankruptcy records impact business activity.