Bankruptcy review targets possible changes to insolvency system By Tony Zhang|19 January 2021 The Attorney-General’s Department has released a discussion paper considering tougher insolvency laws and flagging possible changes to the personal insolvency system to address the impacts of the coronavirus pandemic. Assistant Attorney-General Amanda Stoker released a discussion paper on Monday that suggested removing the default period of bankruptcy from three years to one year while expanding offence provisions. Ms Stoker said the government is considering the personal insolvency system to “ensure it remains fit for purpose and supports our ongoing economic recovery.” Changes floated include cutting the time period that must pass before a bankrupt is discharged from three years to one year in a bid to reduce stigma, encourage entrepreneurs to re-engage in business, and encourage people to pursue their own business ventures.