When a company is experiencing cash flow difficulties, directors will often loan money to the company to enable it
When a person is made bankrupt by way of a Sequestration Order, Section 54(1) of the Bankruptcy Act 1966
SIGN UP TO OUR MONTHLY NEWSLETTERS
If you are having difficulties managing your personal debts, bankruptcy may be the best option for you to make a fresh start
Bankruptcy is a formal process that is in force for a period of three years and one day, and may be commenced voluntarily via a process called a ‘debtor’s petition’.
Upon commencement of your bankruptcy, you are discharged from the vast majority of your personal debts, which means relief from the pressure of managing payment plans and communicating with your creditors.
During the term of bankruptcy, the following considerations and restrictions apply:
Despite the negative stigma associated with bankruptcy, the process is a way for an individual to move forward confidently, away from a past of unmanageable debt.
Below are the forms required for lodgement of a Statement of Affairs and a Debtor’s Petition with the Australian Financial Security Authority.
To speak with us further regarding whether Bankruptcy may be appropriate in your situation, please contact us on 08 9215 7900 for a cost and obligation free consultation.