The new Bankruptcy Regulations 2021 are due to commence on 1 April 2021, with the Bankruptcy Regulations 1996 to sunset. You can find the Bankruptcy Regulations 2021 here.
The amendments are minor and aimed at modernising references and ensuring alignment with the Bankruptcy Act 1966, although the numbering of the regulations will change. Some other key changes are:
- when paying money to the Consolidated Revenue Fund, the current regulation 12.01 statement will be replaced by an approved form (see section 72). The form is being finalised and will be published on the Forms page of the AFSA website by 1 April 2021
- the current Schedule 8 has been split into separate sections (see sections 75 to 78)
- the new section 24 deals with the treatment of foreign currency proofs of debts
- there are new tables listing the indexed amounts for past financial years in respect of the priority amounts for employee dividends (section 26), protected tools of trade (section 29) and protected vehicles used primarily for transport (section 30).
To help practitioners navigate the Bankruptcy Regulations 2021, a comparative table has now been published on our Practitioner Resources webpage.
AFSA’s Inspector-General, Official Receiver and Official Trustee practice statements and practice directions are being updated where required. These will be published on 1 April 2021.
For more information, please contact regulation [at] afsa.gov.au. Enquiries about the Official Receiver and Official Trustee practice statements can be directed to practice [at] afsa.gov.au