A person made bankrupt by sequestration order must file a bankruptcy form (also known as a statement of affairs) within 14 days of being told they are bankrupt. We know that many people struggle to meet this deadline. This delay can result in their bankruptcy being extended and penalties.
Last year we conducted research to better understand the issues these clients face, and how we can make it easier for them to comply with the requirements. As part of this research we asked registered trustees about the common barriers people face when filing their bankruptcy form.
Trustees told us the clients didn't fully understand the process or the consequences of bankruptcy. Our research also revealed that clients found the information and guidance we provide confusing and not comprehensive enough.
To help address this, we’ve developed new resources to help people understand what they need to do once they've been made bankrupt by sequestration order. This includes a new page on our website outlining the steps to take and a case study explaining the consequences of not filing a bankruptcy form within 14 days.
Take a look at the new A creditor has made me bankrupt page on the AFSA website and provide your feedback using the 'Was this information helpful?' form at the bottom of the page.