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The Federal Court and Federal Magistrates Service are the two primary Courts that have jurisdiction in matters associated with the Bankruptcy Act, 1966. Forms needed to be filed, associated fees and Federal Court Rules can all be obtained from going to the following two web addresses. The Australian Securities and Investment Commission ("ASIC") is the government agency that has carriage for the Corporations Law including corporate insolvency. The Insolvency Practitioners Association (IPA) represents professionals who specialise in the field of insolvency. ITSA and the IPA developed a set of standards for practitioners working in the field of personal insolvency called Personal Insolvency National Standards ("PINS"). These standards were the basis for the introduction of Standards for Registered Trustees and Controlling Trustees through the Bankruptcy Regulations from 1 December 2004, more particularly described in Bankruptcy Regulation 8.34A, Schedule 4A and have superseded the PINS. Employees who have lost their job and entitlements due to their employer becoming bankrupt may be eligible for assistance under the General Employee Entitlements and Redundancy Scheme (GEERS) administered by the Department of Employment and Workplace Relations. Certain decisions made by the Inspector General in Bankruptcy and the Official Receiver in connection with personal insolvency proceedings can be reviewed by the Administrative Appeals Tribunal (AAT). A list of the decisions that can be reviewed by the AAT is available here. ITSA’s publication “Can I Appeal?: Review and appeal of trustee and administrator decisions" also provides you with some useful information about what you can do where you are aggrieved by a trustee’s or administrator’s decision. MoneySmart is the consumer website of the Australian Securities and Investments Commission (ASIC), replacing ASIC’s now superseded FIDO and Understanding Money sites. MoneySmart provides free and independent guidance, online calculators and tips to help you make well informed financial decisions. |
| Page Last Updated: 03/16/2011 Contacts | Enquiry/Feedback/Complaint | Privacy Policy | Disclaimer & Copyright |
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