What is a bankruptcy

Bankruptcy is an insolvency procedure that applies to a person, not a company.

A person is bankrupt if they have been declared bankrupt under the terms of the Bankruptcy Act and have not been discharged from bankruptcy.

A personal insolvency agreement is an alternative to bankruptcy and for the purposes of the Bankruptcy Act, is where a person enters into an agreement with their creditors without being made bankrupt.

Under the Corporations Act if you are bankrupt or have entered into a personal insolvency agreement you are automatically disqualified from managing corporations and cease to be a director, alternate director or secretary of a company unless you have been given leave by the Court to manage corporations.

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Bankruptcy and Personal Insolvency Agreements

 

 

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Industry funding

ASIC has released its Cost Recovery Implementation Statement (CRIS), which includes estimated costs for ASIC’s 2017-18 regulatory activities. 6 Oct, 17-334MR

Insolvency Law Reform Act 2016

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Last updated: 23/03/2016 03:13