From the category archives:

Bankrupty & Insolvency

Can I leave Australia if I become bankrupt?

16 December 2010

You can leave Australia while you are bankrupt but you must obtain your trustee’s written consent before you leave. Your trustee will need to be satisfied that you have legitimate reasons for the proposed travel e.g.: as a condition of your employment for compassionate reasons. Your trustee may impose written conditions when giving permission such [...]

Read the full article →

What happens to my assets if I go bankrupt?

16 December 2010

What are assets? Assets or property are anything you own when you become bankrupt or anything you buy or receive before the end of your bankruptcy. Income you earn during bankruptcy is not included but will be taken into account in your income contributions assessment. More information is available in the pamphlet: Income Contributions Going [...]

Read the full article →

Can a bankruptcy be cancelled or annulled?

16 December 2010

What is an annulment? Annulment is the cancellation of bankruptcy before the end of the normal 3 year period. Bankruptcies are usually annulled: if the creditors’ debts and trustee’s expenses and fees have been paid in full, or if creditors have accepted an offer of something less than payment in full (a composition or arrangement), [...]

Read the full article →