ITSA’s role

The Insolvency and Trustee Service Australia (ITSA) is the government agency responsible for the administration and regulation of the personal insolvency system in Australia.

ITSA aims to regulate a personal insolvency system that produces equitable outcomes for debtors and creditors, enjoys public confidence and minimises the impact of financial failure on the community.

ITSA operates the bankruptcy registry, where debtors petitions are lodged, debt agreement proposals are processed and public records on insolvency are maintained.

The Official Receiver can also act as a Bankruptcy Trustee and administers thousands of bankrupt estates within Australia.

The fraud and investigation unit within ITSA will investigate possible offences under the Bankruptcy Act.  If a serious offence under the Bankruptcy Act has been made it may prepare a brief to the Commonwealth Director of Public Prosecution.

ITSA also has a Bankruptcy Regulation unit who monitors and regularly inspects the performance of Registered Trustees and Registered Debt Agreement Administrators.  The role of the Bankruptcy Regulation unit is to maintain integrity within the personal insolvency system and to enforce compliance with the Bankruptcy Act.

ITSA also provides extensive information about bankruptcy and its alternatives to debtors in financial distress.

We strongly recommend that you thoroughly review the content on ITSA’s web site at www.itsa.gov.au.