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Being faced with bankruptcy or insolvency can seem overwhelming. However, with the right advice a person can achieve practical solutions to their financial and debt problems.
Our team can guide you through your options and help you through the daunting process of debt.
Personal bankruptcy applies to individuals, sole traders and individuals in a partnership. If you are unable to pay your debts, the Bankruptcy Act 1966 provides 3 formal options for dealing with unmanageable debt:
Declaring bankruptcy is a serious decision. Bankruptcy may last up to 3 years or more and will affect your ability to:
An insolvent company is one that is unable to pay its debts. In some situations, insolvent companies may go into liquidation. Liquidation is the winding up of that company's business or assets. It involves stopping all operations and sales, selling company assets to pay creditors and distributing any surplus funds among shareholders.
There are 3 types of liquidation:
Our lawyers regularly work with debtors and creditors of a bankrupt to ensure that they understand the impact of a bankruptcy and insolvency upon themselves and associates. This involves our team dealing with trustees in bankruptcy and liquidators on a regular basis. We have the ability to achieve good results both for creditors and debtors and the trustee, as we have regular dealings with trustees and liquidators throughout Australia.
We understand objections in bankruptcy and assist both trustees in bankruptcy and bankrupts to use and manage objections appropriately. We also assist both trustees and bankrupts to deal with compensation and personal insurance payments received during the course of a bankruptcy.
We assist trustees on a regular basis with compositions, including dealing with creditors, calling appropriate meetings and liaising with the bankrupt. Our trustee clients appreciate our focus on a commercial outcome being achieved for all involved in a timely fashion.
We assist trustees and individuals through the entire bankruptcy process including the bankruptcy ending and ensuring all requirements are dealt with appropriately.
Our lawyers appear regularly in the Federal Court, the Federal Circuit Court and other jurisdictions involving bankruptcy and insolvency proceedings.
Our aim is to give our clients the best advice to ensure they fully understand what options they have to give them the best possible outcome to their situation.