Last updated 30 November 2022
Bankruptcy – Key Points
The Australian Financial Security Authority
To Bankrupt or Not To Bankrupt
Criteria for Bankruptcy
How to Become Bankrupt
Administration of a Bankrupt’s Property
Claiming a Bankrupt’s Debts
Court Proceedings of a Bankrupt
Responsibilities of a Bankrupt
Alternatives to Bankruptcy
Offences under the Bankruptcy Act
Bankruptcy is a process that results in the property and affairs of a person in financial difficulty being administered by a trustee for the benefit of creditors as set out in the Bankruptcy Act 1966 (Cth). Bankruptcy imposes immediate restrictions and responsibilities, and potentially limits a bankrupt’s future financial and employment opportunities.
A decision to become bankrupt should not be taken lightly, and a person wanting to make the best choice to fit their circumstances should always seek information from an independent source such as a financial counsellor, the Australian Financial Security Authority, a registered trustee, a registered debt agreement administrator, a solicitor or an accountant.