A Bankruptcy Trustee is a personal insolvency practitioner who is registered with the Australian Financial Security Authority (AFSA) to administer bankrupt estates and handle your financial affairs. The role of a Bankruptcy Trustee in Australia involves several statutory duties, which are outlined in the Bankruptcy Act 1966.

 

In accordance with Section 129 of the Bankruptcy Act, the Trustee must take full control of the bankrupt’s property. Additionally if there are any properties that belong to the bankrupt, the property will automatically vest in the Trustee.

 

A Bankruptcy Trustee must notify the bankrupt’s creditors of the bankruptcy. They must also establish whether the bankrupt’s estate has any property which can be realised to pay creditors a dividend.

 

A Trustee in Bankruptcy has the power to issue notices to obtain required information, convene a meeting of creditors, pay out mortgages, initiate or defend any legal proceedings, assess the bankrupt’s income for compulsory income contributions, and more.

 

They are required to give impartial, honest bankruptcy advice and to make decisions based on equity and fairness between creditors and debtors. All Registered Trustees are registered and monitored by AFSA, so there is a high level of standards to be met.

 

Australian Bankruptcy Services (ABS) has a Registered Trustee on site who has thorough knowledge of the Bankruptcy Act and has had many years of experience in assisting individuals through their bankruptcy journey. To find out more about the role of a Bankruptcy Trustee in Australia or how ABS can help you, call us today on 1800 462 767.