At LCollect we believe that knowledge is power. Every month our debt collection blog gives you practical tips, stories and news from around Australia and the world.
In our September 2016 and December 2016 editions of Debt Collection News we reported that the NSW State Government were introducing several changes to the debt collection industry in NSW.
We have now been advised by the NSW Debt Recovery Working Group ("DRWG") that as part of the overall changes being made several legislative amendments were passed by NSW Parliament on 20 September 2017. These legislative amendments include:
1. To bring the items protected from seizure under a Writ for Levy of Property in line with the items protected under the Bankruptcy Act;
2. To provide the Office of the Sheriff discretion when exercising their power to execute a Writ for Levy of Property where the cost of seizing, removing, storing and selling the seized property will likely exceed the total sale price;
3. To further codify the Office of the Sheriff's practice of sending a letter to the debtor before attempting execution of a Writ for Levy of Property;
4. To ensure that where a Garnishee Order for Debts is issued that the onus is on the financial institution issued with the Order to leave a minimum balance that aligns with the net weekly compensation amount (the same amount currently protected under a Garnishee Order for Wages or Salary); and
5. To clarify that the Local Court of NSW has the power to vary or suspend a Garnishee Order.