Consumer insolvency in Australia

Article


Duns, John and Mason, Rosalind. 2001. "Consumer insolvency in Australia." International Insolvency Review: journal of the international association of insolvency professionals. 10 (3), pp. 195-228. https://doi.org/10.1002/iir.94
Article Title

Consumer insolvency in Australia

ERA Journal ID37165
Article CategoryArticle
AuthorsDuns, John (Author) and Mason, Rosalind (Author)
Journal TitleInternational Insolvency Review: journal of the international association of insolvency professionals
Journal Citation10 (3), pp. 195-228
Number of Pages34
Year2001
Place of PublicationBognor Regis, West Sussex. United Kingdom
ISSN1099-1107
1180-0518
Digital Object Identifier (DOI)https://doi.org/10.1002/iir.94
Web Address (URL)http://onlinelibrary.wiley.com/doi/10.1002/iir.94/abstract
Abstract

This paper seeks to identify and assess the features of Australian bankruptcy regulation as they apply to consumer insolvency. Although Australian bankruptcy law makes no explicit recognition of 'consumer bankruptcy' as a regulatory target in itself, the Australian legislation nevertheless has a number of features that impact on what would generally be seen to be consumer bankrupts. After providing an outline of the legislative framework within which consumer bankruptcy operates, the paper examines the consumer insolvency aspects of this legislation, together with an assessment of proposed reforms. Some brief comparisons of the ‘consumer’ features of Australian regulation with that of the more fully developed consumer provisions of the Canadian and the United States bankruptcy legislation, are made in order to highlight the Australian position.

The Australian Act has historically drawn heavily on English bankruptcy legislation but inevitably Australia has to some extent developed along its own path. Notable is the reasonably vigorous approach to discharge from bankruptcy. The proposed reforms to the Bankruptcy Act, which have followed a detailed consultative process, are largely directed to consumer debtors. Some of these reforms are directed against a perceived debtor abuse of the bankruptcy system. Other reforms, such as increasing the availability of debt agreements, are more generous to insolvent debtors. On the whole the reforms appear to be based more on political than empirical grounds.

Keywordslaw reform; bankruptcy; legislation
ANZSRC Field of Research 2020440709. Public policy
350208. Investment and risk management
480699. Private law and civil obligations not elsewhere classified
Public Notes

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Byline AffiliationsMonash University
School of Law
Institution of OriginUniversity of Southern Queensland
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