Personal Insolvency Regulator ITSA

Insolvency Trustee Service Australia (ITSA) is the regulator for the personal insolvency regime in Australia. ITSA is a Commonwealth Government agency and has offices in every capital city of Australia.

The Inspector General in Bankruptcy (the chief public officer of ITSA) is responsible for overseeing the operations and functions of ITSA, which includes:

• Information registry
• Official Trustee functions
• Licences Registered Trustees and Debt Agreement Administrators
• Bankruptcy Regulation and

Information Registry

ITSA provides an information registry to the public.  ITSA will provides a free telephone service on 1300 364 785. ITSA also has an extensive web site www.itsa.gov.au which provide a great wealth of information on the personal insolvency regime.

The ITSA information registry also issues bankruptcy notices for creditors wishing to apply to court for a sequestration order against a debtor.

Official Trustee

The Official Trustee is a public officer under the employ of ITSA and is supervised by the Inspector General in Bankruptcy. The Official Trustee administers bankrupt estates where a Registered Trustee hasn’t consented to act.

Licences Registered Trustees and Debt Agreement Administrators

The Inspector General in Bankruptcy licences and monitors Registered Trustees and Debt Agreement Administrators.  To be become registered as a Registered Trustee or a Debt Agreement Administrator you need to have the minimum level of education and experience as determined by the Inspector General in Bankruptcy from time to time.

Bankruptcy Regulation

The primary function of the ITSA Bankruptcy Regulation is to monitor the activities of Registered Trustees, Debt Agreement Administrators and the Official Trustee.  The Bankruptcy Regulation Unit will also attend to complaints made by creditors or debtors regarding the activities of Registered Trustees, Debt Agreement Administrators or the Official Trustee. If you wish to make a complaint about a Registered Trustee or a Debt Agreement Administrator you should write to the ITSA Bankruptcy Regulation Unit in the closest capital city in which the Registered Trustee or Debt Agreement Administrator operates.

Bankruptcy Regulation also inspects the files of Bankruptcy Trustees and Debt Agreement Administrators on an annual basis.  The purpose of the inspection is to ensure compliance with the Bankruptcy Act.  If non-compliance is found the Bankruptcy Regulation may refer the matter to the the Inspector General in Bankruptcy or to the Courts if a serious matter is identified.