PIR Newsletter – September 2020

New look for AFSA and PPSR

You may have noticed that AFSA has a new look and feel. We have recently introduced our new visual identity, which aims to increase recognition of our services by creating a unified look for the PPSR, our insolvency function and the agency as a whole.

New Personal Insolvency Integrity Principles

In June, ASFA launched Integrity Principles for Trustees and Debt Agreement Administrators, offering the personal insolvency profession a shared vision of good culture.

Thomson deregistration: breach of independence

The registration of Ms Louise Thomson to act as a bankruptcy trustee has been cancelled, following an investigation and disciplinary committee hearing.

Digital bankruptcy application - available on 1 October 2020

Since Bankruptcy Online was launched in January, the service has made it possible for debtors to submit their bankruptcy form online to AFSA, for the first time.

ATO Update: The ATO’s approach to personal insolvency agreements

The ATO is committed to supporting taxpayers who want to do the right thing and preventing those who don’t pay from gaining an unfair financial advantage.

Exploring the ‘fit and proper person’ test

To assist the profession in better understanding this legislative standard, AFSA Regulation & Enforcement will soon be providing draft guidance about what it means to be a ‘fit and proper person’ on our online consultation portal, AFSAsandpit.

Changes to Enforcement Referral Processes

You may recall, or have participated in, a review conducted by AFSA regarding Pre-Referral Enquiries (PREs) and Alleged Offence Referrals. Following the recommendations from the review, changes will soon be implemented to the referral process.

AFSA payment options changing from 1 October

AFSA is making a change to its payment options for some transactions, as part of a wider project to streamline and modernise its processes.

Financial Rights Legal Centre Update

Financial Rights Legal Centre is a community legal centre, providing free legal advice and assistance to consumers in NSW. Here, they share some recent client stories.

Second or Subsequent Bankruptcies

When someone who is undischarged from a bankruptcy becomes bankrupt again, a variety of questions may arise as to what happens with property, income contributions, and travel, to mention a few.

Debt Agreement Reforms – Industry Wide Conditions

As part of the Bankruptcy Amendment (Debt Agreement Reform) Act 2018, the Attorney-General has signed a legislative instrument which will commence on 1 January 2021.

New PPSR resources for insolvency professionals

As businesses across Australia face economic challenges due to the ongoing COVID-19 pandemic, it is important that affected businesses understand the role of the Personal Property Securities Register (PPSR) in protecting registered interests.

Registration of Personal Insolvency Practitioners: FAQs

Over the course of the current financial year, AFSA Regulation will be providing information to help guide prospective applicants through the process of applying for registration.