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Standing Committee on Legal and Constitutional Affairs

Inquiry into the Bankruptcy Legislation Amendment (Anti-Avoidance and Other Measures) Bill 2004

Terms of Reference

The Committee will inquire into the provisions of the draft Bill. Specifically, the Committee will consider whether these provisions adequately address the problems identified in the Taskforce Report, namely:

(a) high income earners using bankruptcy to avoid paying debts that they can afford to pay, while continuing to enjoy a lifestyle made possible through the build up of assets in the names of third parties
(b) the uncertainty arising from the interaction between family law and bankruptcy
(c) the inadequacy of the current income contributions scheme in circumstances where a bankrupt chooses not to comply, and
(d) the use of financial agreements to defeat the claims of creditors.

Proposed Amendments (PDF 32KB)

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Last reviewed 10 January 2005 by Committee Secretariat
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