Australian Government: Attorney-General's Department
Australian Government: Attorney-General's DepartmentAchieving a Just and Secure Society

Amendments to the Bankruptcy Regulations 1996 - trustee remuneration and infringement notices

Submissions on the exposure draft Bankruptcy Amendment Regulations are sought by 31 July 2010.

The Bankruptcy Legislation Amendment Act 2010 recieved Royal Assent on 14 July 2010.

One of the objectives of the Act is to provide a more streamlined process for fixing trustee remuneration and a more transparent process for reviewing that remuneration. While the Bankruptcy Act 1966 itself will set down the broad framework of the remuneration regime, it is intended that much of the detail about how the new trustee remuneration regime will operate will be contained in amendments to the Bankruptcy Regulations 1996.

This Act also introduces an infringement notice regime for some offences under the Act. This regime will apply to strict liability offences and is an alternative to prosecution. Details of this regime will be contained in amendments to the regulations.

The trustee remuneration and infringement notice provisions of the Act will commence on a date fixed by Proclamation.

Exposure draft

An exposure draft of the amending Regulations and Explanatory Statement are now available to download.

Submissions on the exposure drafts are invited. Please send written comments by close of business on 31 July 2010 to:

Bankruptcy Policy Branch
Attorney-General's Department
3–5 National Circuit
BARTON ACT 2600

or by email to bankruptcy@ag.gov.au.

Discussion paper

In December 2009, the Attorney-General's Department released a discussion paper ‘Amendments to the Bankruptcy Regulations 1996: Remuneration of Registered Trustees’ which is available to download.