Last updated 30 November 2022
A bankrupt who commits offences under the Bankruptcy Act 1966 (Cth) may be fined or in some cases imprisoned if they:
- dispose of property before bankruptcy with the intention of defeating creditors’ claims
- fail to disclose assets to the trustee
- deliberately obtain credit when the debtor knows that they will be unable to pay
- engage in gambling and speculation which results in bankruptcy
- incur debts during bankruptcy for over the indexed amount without disclosing that the debtor is bankrupt
- operate a business under an assumed name, without advising of the debtor’s real name and the fact of the bankruptcy
- leave Australia without the bankruptcy trustee’s permission
- fail to notify the trustee immediately of a change of name or address.
Further information regarding obligations and consequences of bankruptcy can be found on the Australian Financial Security Authority’s website.