AustraliaMy bankruptcy was discharged. Do I get back assets that were taken by the trustee?
No — assets transferred to the trustee before discharge generally remain vested in the trustee and are not returned to you after bankruptcy is discharged.
What the Law Says
The Bankruptcy Act 1966 (Cth) sets out what happens to your property once you become bankrupt — and confirms that discharge does not reverse the transfer of assets to the trustee.
When you are declared bankrupt, most of your property — including real estate, vehicles, shares, and cash — vests (legally transfers) in the bankruptcy trustee immediately under section 58 of the Bankruptcy Act 1966.
This vesting is permanent: even after your bankruptcy is discharged (usually after 3 years), those assets remain with the trustee. The discharge ends your personal liability for provable debts but does not undo the transfer of property.
Section 129 makes it clear that the trustee’s rights and powers continue after discharge for the purpose of realising and distributing property — meaning the trustee can still sell, manage, or distribute assets long after you’re no longer bankrupt.
Statutory TextAll property of the bankrupt vests in the trustee on the bankrupt becoming bankrupt.
— Bankruptcy Act 1966 (Cth), s. 58(1) — Vesting of property
Statutory TextThe discharge of a bankrupt does not affect the right of the trustee to deal with any property of the bankrupt that has vested in the trustee.
— Bankruptcy Act 1966 (Cth), s. 129 — Effect of discharge
What to Do
Contact your registered bankruptcy trustee to request a written update on asset realisation and distribution status.
Review your Trustee’s annual report (if applicable) or ask for a statement of receipts and payments.
If an asset hasn’t yet been sold or distributed, you cannot reclaim it — but you may be entitled to surplus funds *after* all creditor dividends and costs are paid.
Keep records of your discharge date (found on your AFSA discharge notice) and all communications with the trustee.
Sources
Not legal advice. This article is general information based on publicly available sources, written for educational purposes. Laws change and individual situations vary. Consult a licensed attorney in your jurisdiction before acting on anything you read here. Last reviewed: 2026-06-08.