Thresholds

Bankruptcy Act offences

Certain actions or omissions by people while bankrupt or after being released (i.e. discharged) from bankruptcy can be subject to various Bankruptcy Act 1966 offences.

Concealment of property from bankruptcy trustee

1 to 5 years

section 263 of the Bankruptcy Act

Creditor lodging false claims to vote

6 months

section 263C of the Bankruptcy Act

Failure to disclose property to bankruptcy trustee

1 to 5 years.

section 265 of the Bankruptcy Act

Failure to attend interview with bankruptcy trustee

6 months

section 267D of the Bankruptcy Act

Bankrupt obtaining credit of more than statutory limit without advising of bankruptcy

3 years

section 269 of the Bankruptcy Act

Failure to keep proper books and records

1 to 3 years

section 270 of the Bankruptcy Act

Bankrupt leaving Australia with intention of not returning

3 to 5 years

section 272 of the Bankruptcy Act

The table above outlines the imprisonment term or penalty for key Bankruptcy Act offences. The Australian Financial Security Authority (AFSA) is the government regulator responsible for any prosecutions.

Disclaimer

The enclosed information is of necessity a brief overview and it is not intended that readers should rely wholly on the information contained herein. No warranty express or implied is given in respect of the information provided and accordingly no responsibility is taken by Worrells or any member of the firm for any loss resulting from any error or omission contained within this fact sheet.

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