Brisbane Bankruptcy Practitioners
Our Brisbane, Queensland solicitors are experienced working in consultation with clients from small business owners to high-net worth individuals in the processes associated with bankruptcy proceedings.
Bankruptcy can occur either with the filing of a Debtors Petition in which the debtor declares himself bankrupt or with the filing of a Bankruptcy Notice by an officer of the court.
Alternatively, the Court may issue a Sequestration Order in response to action being taken by aggrieved creditors, in which the Court declares your bankruptcy. The Bankruptcy Act dictates how the bankruptcy process unfolds and it occurs in a uniform manner regardless of how the proceedings begin.
Bankruptcy Claims Process Brisbane
Brisbane Debt Solutions, Brisbane based bankruptcy lawyers advise clients that make an enquiry about our services as they proceed through the steps of bankruptcy.
When a company enters bankruptcy proceedings, a trustee is appointed to administer the bankruptcy estate in much the same way that an executor administers an estate.
A number of responsibilities are given to them, the most important of which involve:
- A receiver or a liquidator is appointed to take control of an insolvent individual’s business;
- We can realise (sell) the individual’s assets and make distributions in the order of priorities prescribed by the Act.
- In some instances, the court orders a debtor to “claw back” on assets that have been transferred out of his or her personal capacity in an attempt to avoid paying creditors.
- The court will monitor the income of the bankrupt, who must make contributions from his or her income to pay creditors, and object to discharge (which allows an individual to erase his or her debt and obtain a clean financial slate) when the individual is not meeting those requirements.
- In addition to reporting the individual to the Australian Financial Security Authority (AFSA), report any other offences committed by them to the authorities.
- Producing a report to creditors in which you estimate the returns they will receive.
Bankruptcy FAQ’s
What bankruptcy services are offered by Brisbane Debt Solutions?
Brisbane Debt Solutions offers comprehensive bankruptcy services to individuals and businesses facing financial difficulties. This includes assistance with bankruptcy applications, advice on the consequences of bankruptcy, and ongoing support throughout the bankruptcy process.
What are the consequences of bankruptcy, and how can Brisbane Debt Solutions help?
Bankruptcy can have significant financial and personal consequences, including the loss of assets, restrictions on employment and travel, and damage to credit ratings. Brisbane Debt Solutions can help individuals and businesses navigate these consequences by providing expert advice and support throughout the bankruptcy process, helping to minimize the impact on the individual or business and their stakeholders.
What is the process for filing for bankruptcy with Brisbane Debt Solutions?
The process for filing for bankruptcy with Brisbane Debt Solutions typically involves an initial consultation with a licensed insolvency practitioner to assess the individual’s financial situation and determine if bankruptcy is the most appropriate solution. If bankruptcy is deemed the best course of action, the practitioner will assist with the preparation of bankruptcy documentation and guide the individual through the process. Once the bankruptcy is declared, the practitioner will act as the trustee and manage the affairs of the bankrupt individual or business, including selling assets and distributing funds to creditors. The process typically takes several years, but Brisbane Debt Solutions provides ongoing support and guidance throughout this time.