Bankruptcy
The Insolvency and Trustee Service Australia is the government agency responsible for the administration and regulation of the personal insolvency system in Australia. ITSA operates the bankruptcy registry, where debtors petitions are lodged, debt agreement proposals are processed and public records on insolvency are maintained, and acts as a trustee in bankruptcy. Official Receivers exercise powers to assist trustees to obtain information and recover property. For more info go to: www.itsa.gov.au
Bankruptcy Legislation - historical Amendments etc
ITSA's explanations of the 'Anti-Avoidance' Amendments 2006 - pdf download
BANKRUPTCY ACT 1966
Bankruptcy Legislation Amendment (Anti-avoidance) Act 2006
- SECT 120 - Undervalued transactions - re clawback/relation back periods, 4 / 5yrs etc.
- SECT 121 - Transfers to defeat creditors
- Division 4A - Orders in relation to property of entity controlled by bankrupt or from which bankrupt derived a benefit
Can they get your SUPER if you are bankrupt?
Bankruptcy Legislation Amendment (Superannuation Contributions) Act 2007
FEDERAL COURT (BANKRUPTCY) RULES 2005
FEDERAL MAGISTRATES COURT (BANKRUPTCY) RULES 2006
To download versions with current amendments go here: www.comlaw.gov.au
Mareva Injunction
Richstar - Carey - ASIC
Cummins Case - ATO
Federal Court
Bankruptcy Pamphlet.pdf by the Federal Court of Australia
Bankruptcy Notices.pdf by ITSA
Garnishing Income - Once officially bankrupt creditors cannot garnish debtor wages. Instead the Bankrupt pays Income Contributions - 50% over a certain threshold for the life of the Bankruptcy, normally 3yrs. Download Current_Amounts.pdf Income Contributions.pdf