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Australian Personal company Bankruptcy | Business Liquidation Advice - Crossroads Insolvency
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Personal Bankruptcy

If you are drowning in debt and there appears no way to repay your debts then bankruptcy may be your saviour.

Once your bankruptcy petition has been accepted then creditors can no longer pursue you.  Although Bankruptcy can provide a sense of relief if you are unable to pay your debts, you should also be aware of the factors that may affect you personally during the Bankruptcy period:

  • You are discharged from bankruptcy after three (3) years unless there is an objection from the Trustee.
  • No income contribution is required to your Bankrupt Estate if your income is below the regulatory threshold.
  • You are still able to operate a business in your own name with limited credit facilities
  • You cannot act as a director of any company during the bankruptcy period.
  • You must apply for permission from your trustee if you wish to travel overseas.
  • You can own a car if the equity of the car is under the regulatory limit.
  • The bankruptcy can be annulled under Section 73 of the Bankruptcy Act if a special resolution is passed by your creditors to accept a proposal which may benefit the creditors of your bankrupt estate. The Annulment starts from the date of the passing of the special resolution accepting your proposal.
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Personal Insolvency Agreements (PIA or Part X):

 

Provisions in the Bankruptcy Act that allow for arrangements to be entered into subject to the support of the participating creditors. These arrangements fall under the Personal Insolvency Agreement (PIA) also commonly known as Part X and are formalised as a detailed Deed  which contains the particulars of the offer made and accepted by the creditors. Entering into a PIA is a better alternative than Bankruptcy which has less adverse personal effect on you.

There are numerous advantages of entering into a PIA with your creditors as all creditors are bound by the PIA and you are released from your debts without the stigma associated with a Bankruptcy.

Bankruptcy Notice

If You Have Received a Bankruptcy Notice

You Only Have 21 Days to Respond

WHY CHOOSE US

Qualified & Experienced

We are experienced, fully qualified and registered Insolvency Practitioners.

Close Guidance

Our step by step approach reduces your stress to a minimum, making the process as smooth as possible.

Tailored for you

We can tailor a simple, practical solution to sort out the mess to best achieve your desired result.

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