What are the Duties of the Bankrupt?

The duties of the bankrupt are as follows:

Disclosure of property

Debtors must disclose to the trustee all of the property that they possess.

Credit cards

All credit cards must be reported and brought to the trustee for cancellation.

Books and records

Debtors must present all books and records relating to their possessions to the trustee.

Examination by Official Receiver

Debtors may be called in to the official receiver to perform an exam under oath. This will determine the causes of bankruptcy, as well as the debtor’s conduct before bankruptcy occurred.

Statement of Affairs

Debtors must prepare a statement of affairs within their first five days of declaring bankruptcy. Statements must contain debtor’s creditors and securities held by them.

Assets

Debtors must assist the trustee in making an inventory list of all the assets in the debtor’s possession.

Disposal of Property

Debtors must report to the trustee the transaction details of any property disposed of within the past year. Additionally, debtors must also disclose any property disposed of by gift within the last five years.

Changes in financial situation and address

Debtors must inform their trustee of any change in financial situation, such as new sources of income. Additionally, debtors must inform trustee of any change in their address or residence.

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