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Australian Personal company Bankruptcy | Business Liquidation Advice - Crossroads Insolvency
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Swamped With Debts, Personal Bankruptcy Could Rescue You

Swamped With Debts, Personal Bankruptcy Could Rescue You

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.
Business people talking in meeting

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 accountant.

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.

WHAT OUR CLIENTS SAY

  • I am involved in the building industry as a subcontractor and when the builder failed to pay me it destroyed my cashflow and my business. Crossroads provided me with the alternatives and the likely consequences of each action and I was able to move forward with my business.

    Warren Z.

  • When my company’s property development project failed to obtain a DA approval, with $3 million owning, CrossRoads pointed out that Liquidation was the most practical way to go. Dealing with them is easy and efficient and I recommend them highly.

    James C.

  • Our engineering company was placed into liquidation by mistake. Marc and the team spent time listening to us to better understand our situation, they assisted us in negotiating with the Liquidator and terminating the liquidation. We finally got our company back and started operating again. I would definitely recommend their services.

    Michael T.

  • The team was always available to answer my questions. they definitely go above and beyond. Trustworthy team and service

    John B.

  • Quick and professional service provided by Leanne and her team. Much appreciated during a sressful period for us.

    Louise V.

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