MIDLAS would like to highlight the Australian Financial Security Authority’s announcement that on 23 June 2014, the Australian Senate passed a motion to remove the requirement of a fee for people seeking to be declared bankrupt.

People who are experiencing difficulty in paying their debts may voluntary lodge a petition to become bankrupt. This is called a Debtor’s Petition.  The decision of the Australian Senate on Monday has removed the fee that was required to be paid when lodging a Debtor’s Petition. This means that any Debtor’s Petition that is received by the Australian Financial Security Authority after the close of business on Monday 23 June 2014 will not incur a fee.

It is important to note that Debtor’s Petition fees collected between the 1 April 2014 and close of business on Monday 23 June 2014 are not affected by the decision and cannot be refunded. In addition the fee of $150 for requests by bankrupts to travel overseas still applies.

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