Australian Financial Security Authority (AFSA) is the government organization who deals with bankruptcy applications and implementation of personal property securities laws in Australia. Therefore, all Australian are facilitated to check whether the property they want to buy has any security interest attached or not.
Note: The property examples are cars, boats, and artworks and excludes land or buildings.
AFSA Work Scopes:
AFSA is the trustee
Who manages personal insolvency claims
To court orders, especially the Proceeds of Crime legislation
To secure all insolvency documentation and records
On one side, informing debtors who are unable to manage their debts with the available options, lodge bankruptcy, and other insolvency arrangements with debtor or the court. On the other side, the bankruptcy notice is issued by AFSA upon the request of creditors.
AFSA regulates and investigates insolvency practitioners and also request the prosecution of offences stated in Bankruptcy Act and Personal Property Securities Act (PPS Act) if necessary
AFSA is the decision maker on applications under PPS Act and also on disputes between secured parties and grantors. Preservation of registration data base and servicing users of Personal Property Securities Register (PPSR) are the other duties of this government body.
Providing services to applicants in key areas of their business including customer relationship management, financial and information management, electronic and online services and property management.
The list of all bankruptcy legal acts and legislation under which AFSA operates can be found here.