Insolvency and Trustee Service Australia
ITSA
1996 – 15 August 2013
Renamed Australian Financial Security Authority in 2013.
Commonwealth agency that administered the personal bankruptcy system, including the Official Receivers, the Official Trustee in Bankruptcy and the Inspector-General in Bankruptcy, and regulated bankruptcy trustees.
Names over time
- Insolvency and Trustee Service Australia1996–2013
- Australian Financial Security Authority2013–present
How it came into existence
Formed in 1996 by giving a separate identity to the bankruptcy administration of the Attorney-General's Department, which had run the Official Receivers' offices since the Bankruptcy Act 1924 commenced in 1928; it later became an executive agency under the Public Service Act 1999.
- Bankruptcy administration
- Official Receivers and Official Trustee
Legislation: Bankruptcy Act 1966
Changes during its life
- 1999Became an executive agency under the Public Service Act 1999.
- 30 January 2012The national Personal Property Securities Register began operating, administered by the agency.
How it ended
Renamed the Australian Financial Security Authority on 15 August 2013.
Main functions
- Official Receiver and Official Trustee in Bankruptcy
- Regulation of registered bankruptcy trustees and debt agreement administrators
- National Personal Insolvency Index
- Management of property under proceeds of crime orders
- Personal Property Securities Register (from 2012)
Where it sits
Last in the portfolio of Attorney-General's Department.
Lineage
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Sources
Some dates or links for this organisation are not fully confirmed. Corrections are welcome.