On 12 February, CA ANZ provided feedback to the Attorney-General’s Department on possible changes to the bankruptcy system to manage the impacts of the coronavirus on the economy.  

Our members did not support making a change unless the change itself had merit.  Critically, members did not support reducing the default period for bankruptcy from three years to one year. A one year time frame would not allow Trustees to investigate fully the affairs of the debtor eroding the integrity of the system. 

Our members made an alternative proposal to introduce an early discharge mechanism.  Early discharge to be available to debtors who commenced bankruptcy proceedings, cooperated fully with the Trustee who, where appropriate, could initiate an early discharge.  

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