Budget 2009 10: Legal issues and
the Attorney-General's portfolio
Insolvency and Trustee Service Australia
Morag Donaldson
Insolvency and Trustee Service Australia (ITSA) is responsible
for the administration and regulation of the personal insolvency
system in Australia. Its purpose is to ‘provide a
personal insolvency system that produces equitable outcomes for
debtors and creditors, enjoys public confidence and minimises the
impact of financial failure on the community’.[1] Among other
activities, ITSA maintains the bankruptcy registry, regulates
bankruptcy trustees, exercises Official Trustee powers (including
the administration of proceeds of crime property), oversees
insolvencies and debt agreements, and investigates offences under
the Bankruptcy Act 1966. Its workload has increased
about seven per cent on average over the past 20 years, but
recently its workload has increased ‘well in excess’ of
this figure, largely due to an increased number of bankruptcies,
insolvency and debt agreements attributed to the impact of the
global financial crisis.[2]
ITSA will receive increased funding of $14.3 million over
two years to enable it to deal with its increased level of
work. This brings its total available annual appropriation to
an estimated $45.211 million for 2009–10.[3] Further, ITSA
operates under cost recovery arrangements on a fee or charge for
service basis. Such fees and charges (last reviewed in June
2008) are expected to amount to $2.2 million in 2009–10,
and are returned to the Consolidated Revenue Fund.[4]
[1].
Insolvency and Trustee Service Australia (ITSA), Welcome to
ITSA, viewed 14 May 2009, http://www.itsa.gov.au/
[2]. Australian Government,
Portfolio budget statements 2009–10: budget related paper
no. 1.2: Attorney-General’s Portfolio, p. 379
[3].
Australian Government, Portfolio budget statements
2009–10: budget related paper no. 1.2:
Attorney-General’s Portfolio, p. 380.
[4].
Australian Government, Portfolio budget statements
2009–10: budget related paper no. 1.2:
Attorney-General’s Portfolio, p. 384.