In an effort to simplify the process of applying for bankruptcy, the Australian Financial Security Authority have combined the Statement of Affairs and Debtor’s petition forms and moved the service online.
Under the move, which commenced 2 January 2020, an individual seeking to apply for bankruptcy or needing to file their statement of affairs following a sequestration order, will need to do so via the free online portal. In doing so, applicants will need to complete the new Statement of Affairs form which features simplified language and fewer questions than its predecessor.
In unveiling Bankruptcy Online, AFSA has noted that while individuals may continue to have a registered trustee manage their bankruptcy, they cannot have the registered trustee submit an application on their behalf. However, the portal will allow individuals to upload the trustee’s signed consent form to submit with their application. If the application is accepted, AFSA will then appoint the trustee to the administration and notify them in accordance with existing practices.
Despite encouraging the use of Bankruptcy Online and warning that applicants will no longer be able to submit the former Debtor’s Petition and Statement of Affairs forms, AFSA has assured individuals that those without internet access may request that a paper version of the new form be posted to them.
At James Conomos Lawyers, our team are experienced in bankruptcy matters. If you are considering bankruptcy or would like more information about what the new bankruptcy process means for you, please do not hesitate to call us on 1800 JCL LAW.
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