PIR Newsletter - March 2022

New Chief Executive appointed to the Australian Financial Security Authority

Timothy Beresford has been appointed as the new Chief Executive of the Australian Financial Security Authority. Timothy’s five-year appointment will start on 2 May 2022.

 

Information for people affected by recent floods

Recent floods have devastated many areas in Queensland and New South Wales, impacting thousands of Australians. AFSA expects practitioners to act with extra sensitivity and empathy in the current circumstances.

 

AFSA’s campaign to support small-medium enterprises 

We have recently launched a campaign to support small businesses that may be experiencing financial difficulty, especially because of the COVID-19 pandemic.

 

Insolvency guidance resources updated

We recently made changes to our insolvency guidance to make it easier to navigate and use, after having considered stakeholder feedback. 

 

Update on the distribution of bankrupt estates to Registered Trustees

At the end of July 2021, AFSA announced a change in the way bankrupt estates would be distributed to registered trustees. To ensure the process was efficient and easy, the changes were initially trialled as a beta launch. 

We have released a progress report to evaluate the effectiveness of the beta launch. 

 

AFSA is seeking feedback from debtors and creditors

In April 2022, we will be seeking feedback from debtors and creditors to seek their perspectives of personal insolvency administration.

 

Updates from the ATO

The ATO have provided an update on unfair preference claim forms, Online services for business, and their WebEx education sessions. 

 

Case notes

We’ve outlined some court decisions that have recently been handed down relevant to personal insolvency in Australia.

 

Changes to AFSA’s fortnightly statistics

At the beginning of the COVID-19 pandemic in March 2020, AFSA provided additional aggregations of insolvency statistics on a fortnightly basis. From April 2022, these statistics will be released monthly.