Last updated 30 November 2016

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.