If you believe the economic commentators, a COVID-19 induced tsunami of corporate and personal insolvency is coming.  

In readiness for likely increase in insolvency related queries that may come from your personal clients, I thought I would share this simple piece of information with you so you can look out for them if they run into a rough patch financially.

In personal bankruptcy, there are lots of numbers and allowances to keep in mind. These thresholds relate to:

  1. Protected property in bankruptcy
    – Motor vehicle
    – Tools of trade
  2. Credit limits whilst bankrupt
  3. Income contribution thresholds

To make things a bit trickier, these thresholds change periodically.

So what I have done is bookmarked this page on the Australian Financial Security Authority website. This page is updated by AFSA as the figures change and comes in handy when I talk to someone about their options (something that I do a lot of). We can then work through their specific situation and I can give the options available.

I suggest you bookmark the page in your browser – you never know when it will come in handy.

And if anything comes up within the realm of bankruptcy that is a bit complex, you can call me anytime to bounce issues off me.

About the author

Greg Quin is a Director at HLB Mann Judd Insolvency WA and has been with the team for 10 years. Greg oversees the daily operations of the many insolvency appointments managed by the HLB Insolvency team and looks after the operations of the practice.

If you have any queries about insolvency matters, please feel free to contact Greg on 08 9215 7900, 0402 943 091 or via email to gquin@hlbinsol.com.au.


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