Last month the Insolvency & Trustee Service Australia (ITSA) changed its name to Australian Financial Security Authority (AFSA).
The new name was inspired by their desire to better reflect what the organisation essential does, which is:
“We administer and regulate Australia’s personal insolvency system. Insolvency occurs when you are unable to pay back your debts as and when they fall due. We also administer the Personal Property Securities Register (PPSR) where security interests in personal property can be registered and searched.”
The inception of the new name was supported by the government and industry stakeholders, who had an active role in choosing the new name and the Australia Financial Security Authority was endorsed as the way forward.
Worrells commends AFSA in taking the initiative and invoking a change in the insolvency industry that sends a positive message to consumers. As we have always said; Bankruptcy is about ‘financial rehabilitation’.
All the links to the old website address of www.itsa.gov.au will still work. We are in the process of updating the Worrells website to the new pages.
Visit AFSA’s website: https://www.afsa.gov.au/about-us/introduction-to-us