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Act 1695: Insolvency (Amendment) Act 2023 which comes in to effect on 6 October 2023. This is an Act to amend the Insolvency Act 1967.

The highlights of the amendments are to expedite the release of bankrupt individuals from insolvency within three to five years after submitting their details. It also introduces two new categories for release: those unable to manage personal affairs due to mental illness as defined in the Mental Health Act 2001 and individuals aged 70 or older who cannot contribute to their bankruptcy administration, as determined by the Insolvency Department Director-General.

Click here for the Insolvency (Amendment) Act 2023.