Back to the future

More than 5 years after combining the Debtor’s petition and Statement of Affairs (SOA) into one form named ‘Bankruptcy Form’ to be used for debtor’s petitions and creditor’s petitions, AFSA has implemented the return of 2 separate forms from 1 September.

Debtors made bankrupt by their creditors (sequestration order) need only file the SOA which is a very important document because they can only be discharged three years after lodging the SOA. If they do not lodge a SOA they remain bankrupt indefinitely.

Apart from the opaque name, (a Bankruptcy Form could mean any form prescribed under the Act), is this confusion a cause for more than 25% of bankrupts by creditors petition who have not lodged a SOA since the design change?

On the other hand, since there are nearly 3,000 bankrupts who have not lodged a SOA after more than 10 years, the rename may have nothing to do with it. Thoughts?