Media Release: NSW (Stolyar) AFSA exercises coercive powers to seize books and records on behalf of trustee

Earlier today, officers of the Australian Financial Security Authority (AFSA), accompanied by Registered Trustee in Bankruptcy, Andrew John Scott of PwC, seized books and records from residential and business premises associated with undischarged bankrupts, Mr Ian Stolyar and Ms Beth Ngoc Nguyen.

AFSA utilised an Official Receiver power 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 bankrupts in providing information needed to administer their estate.

This exercise was carried out to obtain physical and electronic records associated with their bankruptcy which will enable the trustee of the bankrupt estate to progress investigations into their financial affairs.

Records were recovered from two sites in Sydney’s eastern suburbs.

Mr Stolyar and Ms Nguyen were made bankrupt on 29 September 2016 subject to a Sequestration Order made in the Federal Circuit Court of Australia.

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