This stage involves a review of existing debt solutions to determine if any changes are needed which can be considered by the new Parliamentary session. These include
- Moratorium period
- The Common Financial Tool – tool for assessing a contribution in debt solutions
- Statutory interest within bankruptcy and Protected Trust Deeds
- The Economy Committee’s recommendations on Protected Trust Deeds
- Bankruptcy issues – debt thresholds for Minimum Asset Process bankruptcy and creditor petitions
- The repayment periods in debt solutions
- Composition/exit from solutions
An invitation was issued seeking volunteers to take this work forward. We received an excellent response and three working groups have been established with the work now progressing.
The Terms of Reference have been agreed and provides more information about the membership and the scope of the work.
Information about each of the groups is included below. This includes minutes of meetings once they have been agreed by group members.
Group 1 – Moratorium and the Common Financial Tool
This group has been set up to focus on specific areas within the insolvency and debt management statutory debt solutions – Moratorium on Diligence and the Common Financial Tool.
Group 2 – Protected Trust Deeds
This Group has been established to focus on Protected Trust Deeds (PTDs), primarily the recommendations from the Economy, Energy and Fair Work Committee Inquiry. The group can extend the scope of these discussions and explore other areas that may help deliver improvements in the operation and delivery of PTDs
Group 3 – Bankruptcy
This group has been set up to focus on specific areas primarily within the bankruptcy process. This group will also consider issues which cross all debt solutions e.g. repayment periods and exit from solutions.