CA ANZ provided feedback to the Attorney- General’s office on 21 August 2020 on the potential consequences if there was an increase of the default statutory minimum bankruptcy threshold.

In our submission we consider a change in the bankruptcy threshold to be a disproportionate and unnecessary response and suggest an increase in time limit to 30 days as an alternative response. We also note possible consequences of increasing the bankruptcy threshold and express our caution against undertaking significant permanent legislative changes in the current uncertain environment.

We would like to thank the CA ANZ Insolvency Management Committee for contributing to our submission.