Changes to the process for filing for bankruptcy – January 2020
October 11, 2019
At HLB Mann Judd Insolvency WA, where individuals have little or no assets, we assist on a complimentary basis with preparing and filing their Statement of Affairs and Debtors’ Petition documentation as part of the process to enter into voluntary bankruptcy. It is a service that we offer to our valued referral network for people in tough financial situations who need a helping hand – and we are happy to do it.
The main part of current voluntary bankruptcy procedure is for an individual to complete (often by hand) a 25 page form called the Statement of Affairs, which contains details about the individual, their assets and liabilities, employment status and income, and interests in businesses, trusts and corporations.
To say that it is a challenge to complete, even for people familiar with the terminology contained within the form, is an understatement. Our role in assisting people is to correct the areas of the form that are often misunderstood or innocently overlooked. This service safeguards against delays experienced by the Australian Financial Security Authority (“AFSA”), the federal regulatory body responsible for overseeing Australia’s bankruptcy regime, asking for additional information, or simply rejecting the bankruptcy application on the basis that the form is incomplete.
And then the practical task of scanning the sizeable form back into a digital format fit for lodgement with AFSA via email is difficult too at times.
In a recent development released by AFSA, from January 2020, individuals who need to file for bankruptcy can now do so online. The process involves the creation of an online account and the completion of a digital form through the platform.
We at HLB Mann Judd Insolvency WA welcome this innovation, as most people nowadays have access to the internet and possess the computer savvy to lodge their ‘paperwork’ online. The form can be partially completed, saved, and then revisited at a later time, which is handy in cases where further information is required to adequately respond to a question.
And we foresee time savings too, which can be important in times when an individual simply wants to move ahead with their financial life.
The platform will have features to allow for documents to be uploaded, such as the consent of a private Trustee (like our very own Kim Wallman), further streamlining the process.
So we look forward to seeing how the platform operates when it is released early next year and how we can further assist people in difficult financial times.
About the author
Greg Quin is a Director at HLB Mann Judd Insolvency WA and has been with the team for 10 years. Greg oversees the daily operations of the many insolvency appointments managed by the HLB Insolvency team and looks after the operations of the practice.
If you have any queries about insolvency matters, please feel free to contact Greg on 08 9215 7900, 0402 943 091 or via email to email@example.com.