14.11.1977
ALRC Report 6 (tabled November 1977) considered whether the Bankruptcy Act 1966 (Cth), as it applied to small debtors, made adequate provision for the compromise or discharge of their debts from present or future assets and earnings.The Commission also was required to consider what measures, if any, could be adopted to achieve this objective and what measures could be adopted by way of legislation to provide financial counselling facilities to small debtors.
The report concluded that the existing systems were inadequate, as they did not meet the needs of a modern consumer credit based society. The procedures provided under the Bankruptcy Act for rearranging of debts were costly, cumbersome and inappropriate for the needs of non-business debtors.
View ALRC Report 6 on the AustLII website.