Introduced on 20th April 2020 with full details here:
Good News! New Government Policy Change with new Debt Relief Measure for debts from $60,000 to $250,000.
Debt Repayment Scheme (DRS)
The Debt Repayment Scheme (“DRS”) is a pre-bankruptcy scheme which is administered by the Official Assignee.
It seeks a win-win outcome for both the debtor and his creditor. Debtors with unsecured debts not exceeding $150,000 (with effect Oct 2020) will be able to enter into a debt repayment plan (“DRP”) under the DRS with their creditors and avoid bankruptcy, along with its restrictions and social stigma.
The proposed DRP must ensure that the interests of creditors are adequately safeguarded. These debtors will commit to the DRP and repay their debts over a fixed period of time of not more than 5 years. When the debtor meets his financial obligations under the DRS, he will be released from his debts and have a fresh start thereafter.
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