Modern Bankruptcy and Insolvency Act

(Graeme MEYER - 04 Dec 2010 ) Pay-as-you-go economic paradigm as encouraged by market creates for fragile consumer dependent on credit and vulnerable to interest rate adjustments job loss and prone to 'joy ride' expenditure for which should be insured regardless as part of modern Bankruptcy and Insolvency Act

Those who seek personal bankruptcy face 7-years of restrictions for which prevent acquisition of credit or serving as director and treasurer

Financial risk as financial institutions create profit outside realm of consumer credit balance write-offs for which they hedge against performance in tier-2 market

"wealth dispersed by those who partake 'joy ride' expenditure is of benefit to business" Graeme Meyer

"worse is that employers typically conduct a credit review as employment screening"

 "Bankruptcy and Insolvency Act does not serve business nor consumer interest as is it uses consumer as conduit of enforcing balance between federal reserve creditor merchant and consumer for which weight of market disproportionately punishes consumer" Mr Meyer