A series of properties were raided across South East Queensland on Wednesday with records seized in relation to suspected fraudulent behaviour.

During the bankruptcy, a registered trustee and a pre-insolvency advisor are alleged to have helped the bankrupt person manipulate the outcome of a creditors' meeting, leading to the annulment of the bankruptcy.

Some debts claimed appear to be illegitimate and there are allegations of false statements in official documents as well as the disposal of property before the start of the bankruptcy, according to the Australian Financial Security Authority investigation.

Manipulating outcomes of creditors' meetings has been done by "dodgy insolvency advisors" before, AFSA's Deputy Chief Executive Gavin McCosker said.

'In this circumstance, the alleged actions of those involved, the person who was bankrupt, the trustee and the advisor, have had a significant impact on genuine creditors, greatly reducing the funds available to them," he said.

"Our personal insolvency system relies on the integrity of all involved, from leaders in the profession to those simply seeking a fresh start after declaring bankruptcy."

The investigation is ongoing.

Australian Associated Press