Bankruptcy trustees removed

ITSA says that their estate files being transferred to either registered trustees or to the Official Trustee.

As a result of its investigations, ITSA identified various breaches of the Bankruptcy Act and of fiduciary duties of the trustees concerned, including:

  • taking remuneration in excess of that fixed by creditors
  • failing to adequately communicate and keep creditors, debtors and bankrupts informed of material developments
  • inadequately investigating property, assets and income
  • failing to maintain adequate books, records and documentation in relation to decisions made.

There a re well over 200 registered bankruptcy trustees in Australia.

ITSA says it is unable to release any additional or case specific information at this time.   ITSA does not say whether the practitioners concerned are registered liquidators under the authority of ASIC.