Support-first Pathways For Those Experiencing Vulnerability

When it comes to financial stress, there are always unspoken burdens that affect a person’s well-being.

As the pressures of the economy trickle down, whether from the rising interest rates, fuel, and everyday living costs, the associated mental load and anxiety have increased. In our roles as insolvency practitioners, we are continually forced to be mindful of how we not only interact with bankrupt individuals or directors, but also with creditors, stakeholders, and peers.

The release of the ATO’s Vulnerability Framework and AFSA’s Practitioner Vulnerability Toolkit gives us a good indication of how the Regulators are moving forward. These key developments are insights into how those who are experiencing some form of vulnerability should be treated as they engage within the insolvency and tax systems.