PIR Newsletter - September 2021

Changes to AFSA’s approach to transferring matters

AFSA has changed the way we distribute bankrupt estates to registered trustees (RTs) working in the private sector.

 

Tell us what you think about our guidance resources  

AFSA is seeking your feedback on proposals to improve the accessibility of our guidance resources. Consultation closes on 1 October 2021.

 

Australia’s personal insolvency laws now apply to Norfolk Island     

From 2 August 2021, Australian personal insolvency laws have applied to Norfolk Islanders.

 

IGPS 14 updated

On 1 July, AFSA updated IGPS 14 - Referring offences against the Bankruptcy Act 1966 to the Inspector-General.

 

Virtual creditor meetings: amended webpage  

AFSA published guidance last year on virtual creditor meetings in light of the COVID-19 pandemic. We have since amended our webpage to make clear that such a meeting may be at a physical location, by phone conference, a web-based video conferencing facility or a combination.

 

Mental health first aid training for financial service professionals    

A new online course is available for financial service professionals that focuses on how to help co-workers and clients experiencing mental health concerns, particularly those experiencing financial difficulties.

 

Proper treatment of rental receipts

Sometimes bankrupt individuals own investment properties which are leased at the date of bankruptcy and therefore vest in their trustee. This raises the question of how the rental receipts should be treated. 

 

After-acquired property or income? Di Cioccio revisited       

It has been more than six years since the Full Federal Court delivered its judgment in Di Cioccio v Official Trustee in Bankruptcy. We’ve revisited the case again in light of a couple of subsequent decisions.

 

Three new regulatory publications released

In July 2021, AFSA released the Personal Insolvency Compliance Program 2021-22, Regulatory Charter, and Regulatory Cooperation and Support Policy.

 

ATO update – online services for business

The ATO’s new service, ‘Online services for business’, is now available with a number of new features.

 

Section 77A and associated entities

Non-compliance of a 77A notice is a complex area where we need to establish that a respondent of the notice is in possession of the books of the associated entity. In this edition, we explore some examples to understand section 77A and associated entities.

 

Case notes

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

 

Legislation summary

New laws have been introduced to bring Western Australia into line with the federal approach to splitting superannuation for de facto couples and extend federal bankruptcy jurisdiction to the Family Court of Western Australia.

 

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