Structure, organisations and key people
The Australian Financial Security Authority is the government agency responsible for the administration and regulation of the personal insolvency system in Australia. AFSA operates the bankruptcy registry, where debtors petitions are lodged, debt agreement proposals are processed and public records on insolvency are maintained. Exercises Official Receiver powers to assist trustees to obtain information and recover property. Investigates possible offences under the Bankruptcy Act and prepares briefs of evidence for prosecution. Provides information about bankruptcy and its alternatives. Regulates the administrations and activity of the Official Trustee and private registered trustees, and licenses private trustees. Administers, as the Official Trustee, personal bankruptcies and Part IX debt agreements when private bankruptcy trustees or other administrators are not appointed. Advises Government on appropriate legislative reform to the Bankruptcy Act 1966 and related legislation, and acts as a special trustee for government agencies, pursuant to court orders, particularly by locating, controlling and selling property under the Proceeds of Crime Act 1987 and the Customs Act 1901.
Last Reviewed: 05 March 2014. Report an error