Bankruptcy and Insolvency Noticeboard June 2021 – Bankruptcy Regulations 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.