Functions of ITSA

Following is the functions of ITSA

If you are considering making a complaint to ITSA be aware that  the Bankruptcy Regulation branch has no investigation policy and has no investigation standards. If you are considering making a complaint  realize you are probably going to get fucked over .

Mathew Osborne(Legal Branch) is advising trustees that they have the discretion to fuck everyone over.

Both Adam Toma and Veronique Ingram need a good fuck up their arses for allowing this

Agency overview

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Functions

The Insolvency and Trustee Service Australia (ITSA) is an executive agency in the Attorney-General's portfolio. ITSA's purpose is to provide improved and equitable financial outcomes for consumers, business and the community through application of bankruptcy and personal property securities laws, regulation of personal insolvency practitioners, and trustee services.
The services provided by ITSA include:

• ensuring that debtors, bankrupts and their associates, practitioners and others comply with the requirements of the Bankruptcy Act 1966 and associated legislation by:
• operating the bankruptcy registry where debtor's petitions are lodged, debt agreement proposals are processed and public records on insolvency are maintained
• exercising Official Receiver powers to assist trustees to obtain information and recover property
• investigating possible offences under the Bankruptcy Act 1966 and preparing briefs of evidence for prosecution
• regulating the activity of trustees and debt agreement administrators
• administering, as the Official Trustee, personal bankruptcies, debt agreements and personal insolvency agreements when private bankruptcy trustees or other administrators are not appointed
• acting as a special trustee for Australian Government agencies pursuant to court orders, particularly by locating, controlling and selling property under the proceeds of crime legislation
• administering and enforcing the Personal Property Securities Act 2009, including through the provision of the national Personal Property Securities Register (PPSR).

Legislation

ITSA is responsible for administering the following Acts and associated Regulations, which provide a legislative framework for its functions and services:

• the Bankruptcy Act 1966
• the Bankruptcy (Estate Charges) Act 1997
• the Personal Property Securities Act 2009.

ITSA also administers property in accordance with orders made under:

• the Proceeds of Crime Act 1987
• the Proceeds of Crime Act 2002.

Role

ITSA fulfils each of the following roles created by the Bankruptcy Act:

• Inspector-General in Bankruptcy - ITSA'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, ITSA 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. ITSA 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.

The Personal Property Securities Act creates the role of:

• Registrar of Personal Property Securities - The Registrar administers the PPSR in compliance with the Personal Property Securities Act 2009 and Regulations. This includes responsibility for ensuring the register is accessible and accurate.

Organisational structure

ITSA's senior management team is led by the Chief Executive. The Chief Executive is directly assisted by:

• the National Manager Business Services (who is also appointed as the Official Receiver)
• the National Manager Regulation and Enforcement
• the National Manager Corporate Strategy and Support
• ITSA General Counsel and Registrar of Personal Property Securities