Australian Financial Security Authority (AFSA)

The Australian Financial Security Authority (AFSA) is an executive agency established under the Public Service Act 1999.

AFSA's functions include assisting the Inspector-General in Bankruptcy, the Official Trustee in Bankruptcy and the Official Receiver in exercising powers and performing functions relating to the administration and regulation of the personal insolvency system in Australia, pursuant to the Bankruptcy Act 1966 and related bankruptcy legislation.

AFSA also administers and enforces the Personal Property Securities Act 2009, including the provision of the national Personal Property Securities Register.

AFSA fulfils four statutory roles and positions:

• Inspector-General in Bankruptcy— AFSA's Chief Executive is also appointed as the Inspector-General in Bankruptcy. The Inspector-General is responsible for the general administration of the Bankruptcy Act and has powers to regulate bankruptcy trustees and debt agreement administrators, review decisions of trustees and investigate allegations of offences under the Act.
• Official Receiver—on behalf of the Official Receiver, AFSA operates a public bankruptcy registry service with compliance and coercive powers to assist bankruptcy trustees to discharge their responsibilities.
• Official Trustee in Bankruptcy—the Official Trustee in Bankruptcy, a body corporate, administers bankruptcies and other personal insolvency arrangements when a private trustee or other administrator is not appointed. AFSA provides personnel and resources to ensure the Official Trustee can fulfil its responsibilities. The Official Trustee also has responsibility under the Proceeds of Crime Act 2002 and the Customs Act 1901 to control and deal with property under court orders made under these statutes.
• Registrar of Personal Property Securities—the Registrar maintains the Personal Property Securities Register (PPSR) in compliance with the PPS Act and associated Regulations. This includes responsibility for ensuring that the register is operational and accessible.