Queensland, Australia – December 18, 2017 – Australia is poised to take a step into a new future with the proposed new Bankruptcy Act, which will reduce the restriction period from three to one year, informs Bankruptcy Experts, which offers bankruptcy advice to affected clients.
Financial failure until now has been rather strictly punished in Australia, but things are about to change for the better. A cultural shift in thinking, the proposed Bankruptcy Act reduces the time served as a bankrupt to just one year, and will have far reaching implications for businesses, specially small business owners and entrepreneurs. The new Act will ensure that they are not ‘aced out’ of the game for taking risks and failing.
Apart from the reduced timeline, the new Act, introduced into the parliament on October 19, 2017, includes several other goodies. The reduced timeframe allows affected parties to apply for credit after the period without disclosing their status as a bankrupt. They will be allowed to travel overseas without seeking prior permissions, and can serve as a company director. As for income contributions, the Act still requires the obligation to continue for two years after release from bankruptcy. Non-compliance however will still beget bankruptcy for up to five to eight years.
“The new Act may not affect those who are currently bankrupt as it is not retrospective. So those whose bankruptcies have been extended to five or eight years will continue to discharge their obligations,” says Charles Bosse of Bankruptcy Experts.
According to Bankruptcy Experts, the new Act will reduce the suffering of debt ridden individuals. More people will be encouraged to file for bankruptcy rather than stage a struggle to survive with minimal assets, or entering into debt agreements to settle their debts. Bankruptcy Experts welcomes inquiries about the proposed Act and to obtain advice on bankruptcy related matters.
For more information, please visit: www.bankruptcyexperts.com.au
Company Name: Bankruptcy Experts
Contact Person: Charles Bosse
Phone: 1300 795 575
Address:Level 15, 2 Corporate Court
State: QLD 4226