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Debt Agreement Reform

The Government recently released an exposure draft of the Bankruptcy Amendment (Debt Agreement Reform) Bill 2018 (Bill). The Bill proposes a comprehensive reform of Australia’s debt agreement system. Reform is timely having regard to the increased popularity of debt agreements as an alternative to bankruptcy. Between 2007 and 2016 new debt agreements increased from 6,560 to 12,640 per year. Over the same period new bankruptcies declined from 25,754 to 16,842.

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