The 188 Authority initiates the appointment of a Controlling Trustee. A 188 Authority is irrevocable and upon signing a 188 authority, you commit an act of bankruptcy, which means if your creditors do not accept your proposal your creditors will be able to reply upon that event and petition the court for your bankruptcy (in other words the application to court to make you bankrupt will be a little easier for your creditors). For that reason it is important that you put forward your best possible proposal. We will guide you through this process and assist you with formulating an affordable proposal.
Once you sign a 188 authority, your Controlling Trustee will have full control over your property. This control will continue until one of the following events occur:
Your Controlling Trustee will have power to deal with your property and will have the ability to:
In addition, the Controlling Trustee will be required to:
give consideration to any offences you may have committed under the Bankruptcy Act and refer any offences to AFSA’s Bankruptcy Fraud area for prosecution.
Tagged → Part X authority to act