For some time now AFSA has been considering our role as the Official Trustee (OT) and how we can remain focused on matters that serve the public interest and support confidence in the personal insolvency system.
We are proposing changes to the way the Official Trustee distributes bankrupt estates to registered trustees.
The proposed changes relate to:
- the principles for determining the type of work undertaken by the Official Trustee and registered trustees
- streamlining the distribution of work to registered trustees.
Our focus will be on administering estates where there is a public interest. We will distribute matters to registered trustees when certain criteria are met, and when a registered trustee is likely to consent to act in the matter. A set of standard criteria will be applied from the start of the bankruptcy, using the information disclosed in the statement of affairs. This will determine the estates we distribute. We aim to transfer matters early and streamline the process.
We are keen to hear what you think about the proposed changes. Read more about them in the attached paper.
Please provide your feedback by close of business on 12 March 2021.