AFSA fulfils each of the following roles created by the Bankruptcy Act:
- Inspector-General in Bankruptcy—AFSA’s Chief Executive is also appointed as the Inspector-General in Bankruptcy. The Inspector-General is responsible for the general administration of the Bankruptcy Act and has powers to regulate bankruptcy trustees and debt agreement administrators, review decisions of trustees and investigate allegations of offences under the Bankruptcy Act.
- Official Receiver—On behalf of the Official Receiver, AFSA operates a public bankruptcy registry service with compliance and coercive powers to assist bankruptcy trustees to discharge their responsibilities.
- Official Trustee in Bankruptcy—The Official Trustee in Bankruptcy, a body corporate created under the Bankruptcy Act, administers bankruptcies and other personal insolvency arrangements when a private trustee or other administrator is not appointed. AFSA provides personnel and resources to ensure that the Official Trustee can fulfil its responsibilities. The Official Trustee also has responsibilities under the Proceeds of Crime Act 2002 and the Customs Act 1901 to control and deal with property under court orders made under those statutes.
The Personal Property Securities Act (PPS Act) creates the role of:
- Registrar of Personal Property Securities—The Registrar maintains the PPSR in compliance with the PPS Act and associated Regulations. This includes responsibility for ensuring that the register is operational and accessible. The Registrar has various powers in relation to the PPSR such as refusing access to the PPSR or suspending its operation, in certain circumstances; removing or reinstating data on the PPSR; and conducting investigations into matters for the purpose of performing his or her functions.
We also take a role in:
- Proceeds of crime and special administrations
- Regulation and enforcement within the personal insolvency industry.