Submission: Bankruptcy Regulations 2021

ARITA has made a submission in relation to the exposure draft and discussion paper for the Bankruptcy Regulations 2021 released for consultation on 3 December 2020.

As noted in our invitation to members to provide feedback on the exposure draft, the new regulations will replace the Bankruptcy Regulations 1996 which are due to sunset on 1 April 2021. 

ARITA supports the modernisation of the regulations to ensure that they are fit for purpose, however our submission expressed our concern about the extent of changes in the regulations to facilitate this. This includes changes to the numbering system and rewording of provisions with no underlying change to the requirements which will have a significant impact on the profession in terms of time to familiarise themselves with these changes and cost to make changes to precedent documents, checklists and training materials. 

While ARITA undertook a high-level review of the minor and technical amendments, the submission primarily focusses on the clarifying amendments. In addition to addressing the specific questions in the discussion paper, the submission also provided general comments on the proposed changes.

Read ARITA's submission