Credit Counsellors Australasia

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Introduction of the registration of Debt Agreement Administrators

Debt agreements pursuant to the Part IX regime of the Bankruptcy Act 1966 were introduced in 1996. Before its introduction there was no mechanism in place to offer relief from indebtedness to those insolvents who sought to remedy their situation without resorting to filing a debtor’s petition or being subjected to a creditor’s petition. Personal [...]

Part IX – simple or complex?

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Initially some consideration must be given to how and why a new industry was able to blossom merely by the introduction of a rather innocuous piece of legislation. The intent of the legislators was apparent in so much as the purpose was to introduce what was to be a cheap and easy mechanism for debtors [...]