I have been declared bankrupt and my trustee has informed me that they will be initiating the process of selling my assets. Do I have to disclose my assets? What happens if I do not disclose some of my assets?
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Answer by Kelly Angus, Adelaide 5000 SA
- Your trustee collects information regarding your assets from a number of different sources including:
- your filed statement of affairs;
- you;
- your creditors;
- public registers and databases such as the Personal Property Securities Register (PPSR);
- the various state or territory land title databases; and
- third parties.
- You may be penalised if you fail to disclose assets regardless of whether they were acquired before or during your bankruptcy.
- If you acquire assets during your bankruptcy you must advise your trustee in writing within 14 days or as soon as practicable.