9/23/2018 12 Month BankruptcyLegislation has been passed through Federal Parliament, such that amendments to the Bankruptcy are now expected with the effect of reducing the duration of a standard bankruptcy from 3 years to just 1 year.
Commencement dates have not yet been announced by the Federal Government, however it is expected 12 month bankruptcy may commence in late 2018 or early 2019. The proposed details around how 12 month bankruptcy will work in practice have not yet been released. Please contact us at any time to discuss how 12 month bankruptcy may work for you. |