Media Release: NSW (Ayoub) AFSA assists trustee by exercising coercive powers to obtain books and records

Earlier today, officers of the Australian Financial Security Authority (AFSA), accompanied by members of the New South Wales Police Force and Registered Trustee in Bankruptcy, Chad Rapsey of Rapsey Griffiths, seized books and records from residential premises associated with undischarged bankrupt, Ms Elaine Ayoub.

Under the Bankruptcy Act, a trustee of a bankrupt estate can apply to the Official Receiver for assistance to obtain books and records when all other reasonable alternatives have been exhausted. This allows AFSA officials to access premises and recover books associated with the bankruptcy, in order to assist a trustee in fulfilling their duties.

This exercise was carried out at a property in the western Sydney suburb of Granville to obtain physical and electronic records associated with her bankruptcy. In doing so, this enables the trustee of the bankrupt estate to progress investigations into Ms Ayoub’s financial affairs.

AFSA utilised powers under the Bankruptcy Act to recover records for the benefit of the bankrupt estate. The power was exercised following a pattern of non-compliance by the bankrupt and other associated entities in providing information needed to administer the estate.

Ms Ayoub was made bankrupt on 1 May 2018 subject to a Sequestration Order made in the Federal Circuit Court.