Bankruptcy

PURPOSE

This is usually appropriate when an individual is insolvent and where all other aspects of personal insolvency have been considered and evaluated.

An individual may be declared bankrupt as a result of a creditor seeking a sequestration order from the Court, or may declare themselves bankrupt voluntarily by completing and lodging the necessary forms.

BENEFITS
  • Provides a fair and equitable distribution of the bankrupt’s estate to his/her creditors.
  • Permits a person who is in a dire financial position to obtain immediate relief from the pressure of all creditors and make a fresh start.
  • Allows for an investigation of the bankrupt’s affairs with the purpose of identifying transactions that are able to be set aside.
Michael Jones and Bruce Gleeson are Registered Trustees in bankruptcy and are able to act as Trustee in the above circumstances. They have the necessary qualifications and expertise to provide the most appropriate solution to individual situations.