Last updated 14 June 2017
The Bankruptcy Act 1966 (Cth) (Bankruptcy Act) is administered by the Australian Financial Security Authority (AFSA), an executive agency in the Commonwealth Attorney-General’s portfolio. The AFSA is responsible for:
- the administration of personal bankruptcy law and practice
- personal property securities legislation.
The Official Trustee, the Official Receiver and the Inspector-General are each established under the Bankruptcy Act and supported by AFSA staff and resources.
The AFSA has a number of key bankruptcy-related roles, including to:
- act as trustee for personal insolvency administrations
- act as trustee pursuant to court orders particularly under the Proceeds of Crime legislation
- act as special trustee for government
- provide practical information about options to deal with unmanageable debt
- preserve the security and integrity of a large volume of personal insolvency records.
Regulation of bankruptcy trustees and debt agreement administrators
The AFSA’s key roles in regulation and enforcement include:
- regulating personal insolvency practitioners
- investigating alleged Bankruptcy Act and Personal Property Securities Act 2009 (Cth) offences and where appropriate referring for prosecution.
People with complaints about trustees and administrators should contact the AFSA.