A Trustee will be appointed to manage the bankrupt’s financial affairs for the full term of the bankruptcy. Minimum 3 years. And, the Trustee is empowered to:

Investigate the financial affairs to ensure that no assets have been disposed of or transferred out of the bankrupt’s possession that rightly belong to the creditors as a result of the bankruptcy. A trustee may inspect all financial transactions during the previous 5 years.

Difficulty may be encountered in:

• Obtaining normal utility services without paying a substantial bond;
• Opening a bank account and if there is a financial instrument transaction in excess of $4678 there must be a declaration by the bankrupt that the bankrupt is an undischarged bankrupt;
• All property, monetary or real, devolving on the bankrupt after the date of the commencement of the bankruptcy vests in the Trustee.
• Income will be assessed by the Trustee and if income exceeds certain thresholds then the bankrupt must pay half of any excess to the Trustee for distribution amongst the creditors.
• Bankrupts must surrender their passport and may only leave the country with the approval of the Trustee.
• Any property of the bankrupt in excess of those stipulated in Bankruptcy Regulations will be vested and sold by the Trustee.
• Property, even property jointly held, will be vested and sold.
• Personal details will be recorded on the National Personal Insolvency Index, forever.
• Credit reference files will be annotated as to the bankruptcy for 7 years.
• It will be virtually impossible for the bankrupt to obtain credit during these 7 years.