More funny propaganda from Veronique Ingram Adam Toma and ITSA.

Clearly Mark Findlay and Bankruptcy Regulations  are protecting the corrupt conduct at ITSA

 

ITSA's 2013 report on trustee conduct

by Michael Murray | May 31, 2013

ITSA has published its latest review of bankruptcy trustee conduct, saying that justified complaints against Australia's 203 trustees are continuing to fall.

ITSA's quarterly Personal Insolvency Regulator also includes important practice guidance for trustees - on sale of assets, lodging of objections, and dealing with employee entitlements. 

Review of trustee conduct

The number of justified complaints against trustee practitioners has fallen over the last three years.  In the relevant period, ITSA received 329 complaints, of which only 21 [6%] were found to be justified.

In the July 2012 – March 2013 period, a total of 233 registered trustee estates were reviewed/audited by ITSA, with 83 ‘errors’ found in total, the same as previous years (22%).

ITSA also reviewed 431 Part X and section 73 proposals, and attended 85 creditors’ meetings  

ITSA received 329 complaints about registered trustees, of which only 21 [6%] were found to be justified.

These regulatory trends were also identified:

• Requests received to review trustee decisions have decreased during the last three years.
• Requests received to review trustee remuneration increased by 73% during the past year.
• Registration applications received from prospective trustees are the highest since 2009-10, at 11.  An IPA nominee sits on all registration committees.

ITSA contact

ITSA invites trustees to contact ITSA’s Regulation and Enforcement Practice Manager by phone or email to discuss any practice related queries.

Offences

ITSA seems to be active in enforcing compliance with the Bankruptcy Act, dealing with 728 (62%) offences referred from the Official Receiver, 233 (20%) from registered trustees and the remainder from the Official Trustee (100 - 9%). Non-compliance with s 77C or section 77CA or s 139V where persons failed to file a statement of affairs or to provide information and/or produce books was the major ground for referral during the period (and same period last year). A breakdown of the types of referrals shows that 855 (73%) were compliance related offences and 255 (22%) were complex related offences. During the period 130 persons were prosecuted for 174 charges with a fraud value of $3,091,755.

Other practice issues

• Guidance is given on the proper use of the Form 7 statement of claim and proxy form
• Care is required on timing issues in lodging objections to discharge.  While regulation 16.02 allows a document to be filed with the Official Receiver by email, this does not apply to filing an objection to discharge with the Official Receiver.  Section 149G of the Bankruptcy Act provides a ‘contrary intention’ to regulation 16.02 in that the objection only takes effect on the beginning of the day it is entered into the NPII).
• a FEG receipt from DEEWR will continue to be exempt from the realisations charge, and IGPD 2 will be updated shortly to reflect this.