12. Are there offences under bankruptcy?

Yes. The most important are listed below:-

  • disposing of property before bankruptcy with intent to defeat your creditors
  • failure to disclose assets
  • the deliberate obtaining of credit when you know you cannot pay
  • gambling and speculation which results in bankruptcy
  • incurring debts during bankruptcy for over a set limit* without disclosing that you are bankrupt.
  • operating a business under an assumed name, without advising your bankruptcy
  • leaving Australia without the trustee's permission

The penalties for these offences vary from 6 months to 3 years imprisonment upon conviction.