Bankruptcy is a Court procedure in which an individual debtor is adjudged bankrupt and a Trustee in Bankruptcy is appointed to realise the assets of the debtor and pay his creditors. A bankruptcy petition may be presented by the debtor himself or by one of his creditors. A debtor is normally discharged from bankruptcy after one year, and has no further liability for the bankruptcy debts.
We are able to advise and assist in all aspects of bankruptcy, and act for debtors and creditors.
In respect of debtors, we commonly advise on the following areas:
- Applications to set aside statutory demands issued by creditors
- Opposing bankruptcy petitions
- Applications to annul bankruptcy orders
- Applications to review, rescind or vary a bankruptcy order
- Restrictions and obligations of the bankrupt
- The effect of bankruptcy on the family home
We are able to assist creditors in the process of petitioning for a debtor’s bankruptcy and advise creditors on their rights and obligations once a bankruptcy order has been made.