Bankruptcy Regulations 2021

This is the Bankruptcy Regulations 2021, a detailed set of rules made under Australia's Bankruptcy Act 1966. It governs how personal bankruptcy and insolvency proceedings work in practice.

What it does:

• Sets out practical procedures for bankruptcy notices, petitions, and court proceedings
• Defines protected property that bankrupts can keep — including household items (furniture, appliances, one TV, computer, etc.), tools of trade (up to ~$3,800 indexed), and vehicles (up to ~$8,100 indexed)
• Establishes the National Personal Insolvency Index — a public register of bankruptcy information
• Prescribes fees and payment rules for trustees, the Official Receiver, and court processes
• Creates an infringement notice scheme as an alternative to prosecution for minor offences
• Sets qualification requirements for debt agreement administrators and controlling trustees
• Modifies how fringe benefits and superannuation are treated as income for bankrupts

Who it affects:

• People facing bankruptcy (debtors)
• Creditors seeking to recover debts
• Registered trustees and the Official Trustee who administer bankrupt estates
• Debt agreement administrators