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Section 139 of the Bankruptcy Act states that a Trustee in Bankruptcy must assess a bankrupt’s income each year to establish if the bankrupt is liable to pay compulsory income contributions. Try our compulsory income contribution calculator to see if you would be liable for compulsory income contributions.

A Trustee in Bankruptcy can hold a meeting of creditors and order that the bankrupt attend the meeting and answer any questions under Section 64 of the Bankruptcy Act.

A Trustee in Bankruptcy can apply to court to publically examine the bankrupt and any associate of the bankrupt under Section 81 of the Bankruptcy Act. The purpose of a public examination may be to assist the Trustee in Bankruptcy to find concealed assets.

A Trustee in Bankruptcy can issue formal notices under the Bankruptcy Act to persons associated with the bankrupt. A Trustee in Bankruptcy may do this to collect more information about the bankrupt’s financial affairs. A Trustee in Bankruptcy may issue a formal notice under Section 77AA of the Bankruptcy Act to any person who has had financial dealings with the

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Section 134 of the Bankruptcy Act states that a Trustee in Bankruptcy has the power to commence or defend legal proceedings. A Trustee in Bankruptcy may do this to collect assets for the bankrupt estate. In doing so a Trustee in Bankruptcy may need to instruct a lawyer to assist in assessing the merit of the legal proceedings.