A person who is currently a bankrupt (i.e. who has not been discharged from bankruptcy by order of the court or by operation of law). Bankruptcy is registered with the Australian Financial Security Authority (AFSA) and is subject to the provisions in the Bankruptcy Act 1966 (Cth).
If bankruptcy has been applied for by the bankrupt, it will usually end 3 years and 1 day from the date of acceptance of the application.
If a creditor has applied for the bankrupt’s bankruptcy, it will usually end 3 years and 1 day from the date of acceptance of the bankrupt’s statement of affairs. This is known as being ‘discharged from bankruptcy’ and occurs automatically when the relevant period lapses.
A bankruptcy may be extended on successful application from the trustee, or annulled on successful application from the bankrupt. While the bankrupt remains undischarged, they are subject to limitations on their actions, such as obtaining credit and running a company.