News

Loopholes removed from NAP law

Friday 5th of June 2009

Under the amended bill, those undergoing an NAP will be recorded on the Insolvency register for a period of five years as opposed to 12 monts.

A NAP is an alternative to bankruptcy enabling people to have debts up to $40,000 frozen before having them discharged.

Justice Minister Simon Power says the bill was examined by the Commerce Select Committee during May this year and it d...

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