Introduction

A significant part of work undertaken by Jones Partners relates to personal insolvency matters. Our experience in advising on personal insolvency dates back to the 1980’s.
We recognise that personal insolvency matters can arise from any or a combination of the following factors:
  • Failed business venture and liablities incurred on guarantees;
  • Unemployment;
  • Excessive use of credit;
  • Adverse litigation;
  • Domestic Discord; and
  • ill Health.
Regardless of the cause(s) of personal insolvency we see first hand the anxiety levels that generally result from this type of crisis. We believe it is critical to explain the various options available to individuals under the Bankruptcy Act so that they can endeavour to re-focus and re-establish themselves. This benefits not just the individual, but creditors in the sense that the individual may seek to either terminate a bankruptcy early for instance by paying creditors out in full or alternatively by obtaining gainful employment they may be required to make income contributions for the benefit of creditors.