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Bankruptcy and Insolvency Noticeboard June 2021 – Bankruptcy Regulations 2021

Content updates

The Bankruptcy Regulations 1996 were sunsetted on 1 April 2021 and replaced by the Bankruptcy Regulations 2021. The government released the Exposure Draft of the Bankruptcy Regulations 2021 for consultation in January 2021 and considered stakeholder submissions as part of the process of remaking the regulations. The Bankruptcy Regulations 2021 were made on 18 March 2021 and commenced on 1 April 2021.

Although the amendments were minor, a significant number of drafting changes were required, which were mainly aimed at modernising references, ensuring alignment with the Bankruptcy Act 1966 and clarifying sections that had caused confusion and inefficiencies in the past.  Effectively, the numbering of the regulations has changed. Some other key changes include:

  • when paying money to the Consolidated Revenue Fund, the current regulation 12.01 statement is replaced by an approved form (see section 72).
  • Schedule 8 of the 1996 regulations has been split into separate sections (see sections 75 to 78)
  • the new section 24 deals with the treatment of foreign currency proofs of debts
  • there are new tables listing the indexed amounts for past financial years in respect of the priority amounts for employee dividends (section 26), protected tools of trade (section 29) and protected vehicles used primarily for transport (section 30).

To help practitioners navigate the Bankruptcy Regulations 2021, a comparative table has been published on AFSA's website.

AFSA’s Inspector-General, Official Receiver and Official Trustee practice statements and practice directions have been updated where required and published on AFSA’s website, effective 1 April 2021.

Bankruptcy and Insolvency is a particularly dynamic area of the law and comprehensively covered by our suite of precedents and forms, newsletters, journals and practitioner texts. Our flagship publication, Australian Bankruptcy Law and Practice meets all the information needs of the bankruptcy specialist. The Personal Property Securities in Australia service covers commentary on the PPSA regime, with analysis of parallels from international case law. In the corporate area, we have Company Receivers & Administrators which addresses the legislative framework and the myriad of judicial decisions in the area of company receivership, encompassing both private and court appointments. The Bankruptcy and Insolvency Law Noticeboard is geared to deliver news items of interest and significance written and curated by in-house editors. To subscribe to the Bankruptcy and Insolvency Law Practice Area on new Westlaw, contact Thomson Reuters.
Lalitha Vyamajala
By Lalitha Vyamajala
Senior Content Manager

Lalitha is a Senior Content Manager in the Analytical Law Team at Thomson Reuters and manages a range of subscription products and books including Miller’s Competition and Consumer Law Annotated, Australian Bankruptcy Law and Practice, various Planning and Development Law services and NSW Legal Precedents portfolio. Lalitha holds a Masters’ degree in Business Management and has worked for various Content Technology and Solutions providers in Australia and India prior to joining Thomson Reuters.

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