PIR newsletter – Sept 2022

Tim Beresford reflects on his first few months as Chief Executive

AFSA’s Chief Executive Tim Beresford shares insights from his first few months in the role and outlines AFSA’s vision to become a visible, modern and contemporary regulator.

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AFSA releases Untrustworthy Advisors report

The report details common tactics which may be signs of untrustworthy advisor activity and discusses the consequences of bad advice.

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Compliance Program 2022–23 highlights AFSA’s priorities for year ahead

The program outlines how we will continue to maintain confidence in the systems we regulate and covers both personal insolvency and personal property securities.

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Our redesigned AFSA website is launching soon

We’ve listened to your feedback and will soon be launching a new AFSA website to help our clients access our services and make informed financial decisions.

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Personal bankruptcy and liquidation of a company guidance updated

AFSA, ASIC and ARITA have together released an updated guide explaining the interaction between bankruptcy and liquidation.

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Quorum requirements in cases where there is only one creditor

We have provided some examples to explain recent updates made to the Bankruptcy Act to provide further information on quorum requirements.

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Recent amendments to Debt agreement administrators' guidelines to certification requirements - IGPD 13   

The Inspector-General recently made updates to the ‘Debt agreement administrators' guidelines to certification requirements’ practice document.

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Enhancing our tip-off process 

We recently enhanced our tip-off process to more effectively collect data and intelligence to identify misconduct and harm to the insolvency system.

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Director ID – a legal obligation for directors

Company directors are required by law to apply for a director identification number (director ID).

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ATO update: Personal Insolvency Agreements 

While personal insolvency agreements (PIAs) can produce beneficial outcomes, the ATO must ensure taxpayers meet their obligations in full where able.

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Case notes 

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

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