Post by Australian Financial Security Authority (AFSA)

A Western Australian man has been sentenced after pleading guilty to offences under the Bankruptcy Act 1996 (Cth). This includes failing to disclose an inheritance and disposing of funds while bankrupt. AFSA’s investigation identified deliberate concealment of more than $120,000 and the transfer of funds through third‑party accounts. The matter was referred to the Office of the Director of Public Prosecutions and successfully prosecuted. This outcome reinforces the importance of full and honest disclosure in bankruptcy. It supports creditors’ rights to lawful access to assets, enables registered trustees to administer estates effectively, and ensures debtors who engage appropriately are not disadvantaged by misconduct. As the personal insolvency regulator, AFSA prioritises harms‑based enforcement where deliberate misuse of the system is identified. Targeted investigation and prosecution remain critical to maintaining confidence and ensuring the system operates fairly for all participants.