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In this issue: Upcoming Creditors’ forum A forum for creditors will be held in Sydney on Wednesday 17 May 2006 following the creditors’ forum last year. Participants at the last meeting will be contacted for their expectations and issues they wish to raise in the forum. Agenda items will include scanning of proposals, data files, debt agreement review outcomes and outcomes of the last forum. Consultative meeting on proposed reforms David Bergman, ITSA’s Adviser Policy and Legislation, convened a meeting of debt agreement administrators on 11 April 2006 following the Attorney-General’s announced proposed reforms to Part IX debt agreements. These proposed reforms follow a review of the operation of debt agreements conducted by ITSA and the Attorney-General's Department. The proposed reforms include licensing of debt agreement administrators, regulation of fees charged by debt agreement administrators and procedures for dealing with default. Comment on the proposed reforms should be sent to david.bergman@itsa.gov.au or to David Bergman, Insolvency and Trustee Service Australia, GPO Box 821, CANBERRA ACT 2600 by 12 May 2006. Eligibility of administrators The Debt Agreement Service as part of its compliance program checked the eligibility documentation of all debt agreement administrators currently sending debt agreement proposals to ITSA. Two practices were identified as unacceptable and were addressed with administrators. For a company to be eligible to act as a debt agreement administrator all of the directors of the company must be eligible. Declarations and police checks were sought from all directors of companies that administer debt agreements. It is important that the Debt Agreement Service is advised immediately of such as changes in company name or structure and appointment of new directors to ensure that the administrator is eligible to administer agreements and to avoid unfortunate outcomes for debtors whose proposals are not accepted for processing. A debt agreement proposal must authorise a specified person to deal with the property identified in the proposal. Firm names are not acceptable. The authorised person must be an individual, a partnership or a company. The Debt Agreement Service has updated the list of debt agreement administrators currently lodging debt agreement proposals on ITSA’s internet site which is sent to members of the public who request information on debt agreements. New IT system continues to deliver efficiencies From 8 March debt agreement administrators have received a Debt Agreement Accepted for Processing report for new registrations which provides name of the debtor, date accepted, administration number and the date of the voting deadline. Administrators no longer need to calculate the date of the voting deadline. From 4 April administrators have received a Voting Trend Report for proposals in place of the voting outcome trends and from Wednesday 12 April they have received a Voting Results Report electronically in place of outcome letters. Sixth ITSA Bankruptcy Congress You are invited to join us in Brisbane for the Sixth ITSA Bankruptcy Congress, to be held Thursday to Friday 27 - 28 July 2006 at the Sofitel Hotel in Brisbane. The Congress is designed with two streams to allow delegates to choose the sessions most suited to their needs. The Dealing with Debt stream deals with options for handling financial difficulties and financial counselling and will be of particular interest to debt agreement administrators. The Bankruptcy Administration law and practice stream is designed for trustees in bankruptcy and lawyers. Click here to view details of the fine array of speakers on the Congress program on our website or to register online and pay by credit card. Cooling-off period The 25 working days leading up to the deadline for a proposal may be seen as a cooling-off period during which time the debtor may withdraw the proposal. Debtors will be told of this cooling-off period in the initial letter from ITSA. A record of the debtor having put forward a proposal will remain on the National Personal Insolvency Index after a proposal has been withdrawn. Limits The limits for debtors who are able to propose a debt agreement have changed to:
Quarterly numbers of debt agreements
Feedback ITSA values the participation of our stakeholders in the debt agreement system. Your comments and suggestions for the DAS are welcomed by Digby Ross, National Manager of the DAS on (07) 33605400 and Bob Siemon, Operational Manager on (07) 33605452. Please continue to direct your queries on individual matters to the DAS teams in Perth and Brisbane. OFFICE ADDRESS: Level 16, 340 Adelaide Street, BRISBANE QLD 4000 POSTAL ADDRESS: PO Box 10443 ADELAIDE STREET BRISBANE QLD 4000 TELEPHONE: 1300 364 785 FACSIMILE: (07) 3360 5466 EMAIL: itsa.brisbane@itsa.gov.au INTERNET: www.itsa.gov.au OFFICES IN ADELAIDE BRISBANE CANBERRA HOBART MELBOURNE PERTH SYDNEY TOWNSVILLE |
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