Please feel free to email an insolvency Question to Kim
Personal / Individual Issues
How do I become bankrupt and who can assist me with this?
HLB Mann Judd (Insolvency WA) can assist and full information is available at
If I become bankrupt, what can I earn and keep?
Limits are placed on what earnings you can retain and assets such as tools of trade vehicles etc.
Most assets that evolve on you whilst an undischarged bankrupt ( usually 3 years )vest in the Bankruptcy Trustee, for example if you win lotto or are left an inheritance, these “windfall” assets vest in the Trustee
What can’t I do when Bankrupt?
See the ITSA site for full details and seek advice. You will find that obtaining credit, acting as a Company director or taking part in the management of a Company will give rise to issues. Some jobs, registrations and professional roles may be restricting to undischarged bankrupts.
Corporate Issues
When should I suspect my Company is insolvent?
The Courts have held as soon as a Company is in the position where it is unable to meet its debts as and when they fall due then Directors could find themselves personally liable for debts incurred after that time.
I can’t read balance sheets and financials what can I do?
Directors have a responsiblity to know how the Company’s financial affairs are from time to time, Directors can not opt out of this responsibility.
The following “off Balance sheet” symptoms should alert you to a potential problem.
holding back cheques
delaying payment of creditors
not paying Group Tax Superannuation and BAS liabilities as they fall due
paying off creditors accounts by rounded payments eg $5000 a week or a month.
