Australian Banking Association Issues New Guidelines Covering Assigned Debts

The Australian Banking Association has recently released new guidelines to control assigned debts purchased from Australian banks. However, Paul Hutchinson from Gartree Thomson Lawyers, urges more guidance and assistance needs to be given to assignees to reduce any misjudgements when proceeding with a Bankruptcy.

Sydney, Australia - December 6, 2019 /PressCable/ —

In a bid to provide a major increase in the level of safeguards and ensure vulnerable customers are protected, the Australian Banking Association (ABA) has recently released new guidelines in order to control assigned debts purchased from Australian banks.

The recommendations include:

1. Banks being consulted before legal proceedings are initiated against a debtor; and

2. Banks being given a buy back option.

The ABA, along with the Consumer Action Law Centre, Financial Counselling Australia and the Financial Rights Legal Centre, have also recommended to the Attorney General that the threshold for issuing a Bankruptcy Notice be increased from it’s current $5,000.

However, according to Paul Hutchinson from Gartree Thomson Lawyers, based in Sydney Australia, “raising this threshold may allow exploitation of creditors by debtors, and should therefore be considered with due care.”

He also contends that, “the recommendations are inconsistent with section 12 of the Conveyancing Act 1919 (NSW), which states amongst other things, that the assignment is to be ‘absolute’, which it cannot be if there is control by the banks and a buyback clause.”

“This will leave any assignment of debt ineffectual and unenforceable, leading to banks not being able to assign their debts.”

In closing, Paul Hutchinson urges that more guidance and assistance needs to be given to assignees in order to reduce the small amount of misjudgements made when deciding to proceed with a Bankruptcy, and not an increase in the threshold amount.

Gartree Thomson Lawyers, founded in 2014 with offices in Sydney and Hong Kong, is a boutique law firm specialising in commercial disputes, debt recovery, personal and corporate insolvency, conveyancing and employment law.

More information about the firm can be found by visiting their website: https://www.gartreethomsonlawyers.com.au/

To discuss any matters relating to the above guidelines, call Gartree Thomson Lawyers on 02 9922 4111.

Contact Info:
Name: Paul Hutchinson
Email: Send Email
Organization: Gartree Thomson Lawyers
Address: Suite 9, Level 14, 327-329 Pitt Street, Sydney, New South Wales 2000, Australia
Phone: +61-2-9922-4111
Website: https://www.gartreethomsonlawyers.com.au/

Source: PressCable

Release ID: 88937457

More News From In The Headline

Dem senator says he has 51 votes to restrain Trump on Iran

Jan 24, 2020

WASHINGTON — A Democratic senator said Tuesday he has at least 51 votes to support a bipartisan resolution asserting that President Donald Trump must seek approval from Congress before engaging in further military action against Iran. Sen. Tim Kaine of Virginia said the Senate could vote as soon as next week on the measure, which is co-sponsored by two Republican senators and has support from at least two more Republicans. Republican Sens. Mike Lee of Utah and Rand Paul of Kentucky have co-sponsored the measure, and GOP Sens. Todd Young of Indiana and Susan Collins of Maine said Tuesday they...

Oturu scores 30 as Minnesota beats No. 19 Michigan 75-67

Jan 24, 2020

MINNEAPOLIS — Daniel Oturu shook off an injury and had a career game to help Minnesota take down another ranked opponent. Oturu scored a career-high 30 points and the Gophers went on a late 11-0 run to beat No. 19 Michigan 75-67 on Sunday. The sophomore center had 20 points in a dominant first half, and he continued his roll with six quick points after the break. But with 14:35 remaining, he hit the deck hard while fighting for a rebound. He stayed on the floor for nearly five minutes, clutching his left shoulder as a hush fell over the...

Pelosi: Americans want 'fair trial' on Trump impeachment

Jan 24, 2020

WASHINGTON — House Speaker Nancy Pelosi said Sunday that senators will “pay a price” if they block new witnesses from testifying in the impeachment trial of President Donald Trump. She said Americans expect a fair trial. Pelosi, D-Calif., said the House plans to vote this week to transmit the articles of impeachment to the Senate for the historic trial on charges of abuse of power and obstruction of Congress over Trump's actions toward Ukraine. It will be only the third impeachment trial in American history. “It’s about a fair trial,” Pelosi told ABC's “'This Week." "They take an oath to...

Bey scores 33, leads No. 16 Villanova past Georgetown 80-66

Jan 24, 2020

PHILADELPHIA — Saddiq Bey hit eight 3-pointers and scored a career-high 33 points to lead No. 16 Villanova to an 80-66 win over Georgetown on Saturday. Bey, a 6-foot-8 sophomore forward, hadn't been much of a 3-pointer shooter this season for the Wildcats (12-3, 3-1 Big East). He'd made only 21 and four of those came in a nonconference game against Ohio. He shot just 3-for-10 overall in a win this week at Creighton, hardly a sign he was about to bust out with a career game against the Hoyas (11-6, 1-3). Left open, and determined to shoot, Bey had...

Former UConn coach Jim Calhoun earns 900th career win

Jan 24, 2020

WEST HARTFORD, Conn. — Jim Calhoun’s 900th win looked like so many others during a Hall of Fame coaching career. He stomped. He screamed. He slammed objects. The only real difference is the sideline he now controls. The longtime Connecticut coach added another milestone Friday night when the University of Saint Joseph beat Pratt Institute 105-61. Now in his second season coaching in Division III, Calhoun joined Mike Krzyzewski, Jim Boeheim and Bob Knight — all former rivals and national champions at college basketball’s highest level — as the only coaches to coach at least 10 seasons in Division I...

Sign up now!

About Us

In The Headline sought to bring professionalism back into journalism, bringing you only the most exclusive and the most impactive news from all over the globe.

Contact us: sales[at]intheheadline.com