On 19 Oct 2017, the Government introduced a Bill in the Parliament to reduce the bankruptcy period from 3 years to 1 year. This would mean that an individual could be discharged from bankruptcy on the 366th day from when they entered the bankruptcy. Also, post bankruptcy, an individual will not have to disclose their bankruptcy status or seek approval from their trustee for travel. Restriction from being appointed as a company director will also be removed which means that an individual can lead a ‘near normal’ life post bankruptcy.
For those who are currently bankrupt and serving the three year period of bankruptcy, this legislation would see them discharged after one year of filing their statement of affairs. This legislation will come into effect six months after the Bill receives the Royal Assent.
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