Attending on his or her Trustee in Bankruptcy

A bankrupt shall co-operate and attend on his or her Trustee in Bankruptcy and provide all books and records that are in the possession of the bankrupt and also if requested deliver up the bankrupt’s passport.

A bankrupt must also provide information about the bankrupt’s examinable affairs as the bankrupt requires.

Section 77 of the Bankruptcy Act also requires the bankrupt to:

• to attend a meeting creditors if requested to do so and provide any information as the meeting requires;
• to keep his or her Trustee in Bankruptcy informed of any material change;
• to execute any document as required by the operation of the Act or at the request of the Trustee in ankruptcy;
• to disclose any property which the bankrupt.

 

Obligation to complete a Statement of Affairs

Section 54 of the Bankruptcy Act also requires the bankrupt to file a statement of affairs within 14 days of being notified of the bankruptcy by his or her Trustee in Bankruptcy. A bankrupt must truthfully disclose all property which the bankrupt has a legal or beneficial interest in.

If a bankrupt fails to disclose all property the bankrupt will commit an offence under Section 265 of the Bankruptcy Act. A bankrupt must also disclose all liabilities in his or her Statement of Affairs.

Obligation to provide current address

Section 80 of the Bankruptcy Act provides that a bankrupt must keep his or her trustee informed of the bankrupt’s address.

Other obligations of a bankrupt

A bankrupt will commit an offence and could be imprisoned for 1 year if the bankrupt fails to do any of the following:

• to truthfully and fully disclose all property;
• to truthfully and fully disclose any transfer or disposition of property;
• to comply with a direction of your Trustee in Bankruptcy to deliver up property in the bankrupt’s possession;
• to comply with a direction of your Trustee in Bankruptcy to deliver up books and records in the bankrupt’s possession;
• to tell your Trustee in Bankruptcy as to the whereabouts of his or her books and records;
• to include all relevant material in your statement of affairs;
• to inform your Trustee in Bankruptcy if the bankrupt is aware that a creditor has filed a false proof of debt;
• to provide an explanation if requested by your Trustee in Bankruptcy of any loss or depreciation of any assets of the bankrupt within 2 years of the bankruptcy.

If you or your spouse are contemplating bankruptcy and you want to understand the responsibilities and obligations prior to filing for bankruptcy, then call us today on 1800 462 767 to discuss your options.

All calls are free, entirely confidential and if required, anonymous.