bankrupt

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Bankruptcy is a legal status of a person or other entity that cannot repay the debts it owes to creditors. In most jurisdictions, bankruptcy is imposed by a court order, often initiated by the debtor.
Bankruptcy is not the only legal status that an insolvent person may have, and the term bankruptcy is therefore not a synonym for insolvency. In some countries, including the United Kingdom, bankruptcy is limited to individuals, and other forms of insolvency proceedings (such as liquidation and administration) are applied to companies. In the United States, bankruptcy is applied more broadly to formal insolvency proceedings. In France, the cognate French word banqueroute is used solely for cases of fraudulent bankruptcy, whereas the term faillite (cognate of "failure") is used for bankruptcy in accordance with the law.

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    WA Letter of offer withdrawn

    Hi, I recently applied for a job with a financial technology company based in NSW. In my first phone call with the talent person, I disclosed that I had a small business fail and was currently bankrupt as I wanted to ensure it wouldn't be an issue. I am expecting to be automatically discharged...
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    VIC Creditor demands payment from Discharged Bankrupt

    Hi I became bankrupt in 2016 and was discharged in 2019. I recently became a director of a company. A supplier who supplied a previous company has demanded payment or they will not supply this company even if I pay cash. I rang AFSA and they say "tough", I asked Google, and it seems that...
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    being bankrupt travelling overseas and not returning

    Hi I wondered if someone can tell me what happens if a bankrupt goes through the proper procedure to travel overseas then decides to stay overseas. They may have legitimate reasons for staying overseas such as getting a job remaining with family etc. I have heard that the penalty for this is...
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    SA bankrupt ex, acn missing, no disclosure

    Hi, Im wondering if someone could help me please. Ive searched the registers but an ACN of my Bankrupt ex does not show any details and says it cant be found? What am I doing wrong please? Im searching for hidden assets and businesses that he's stolen and still running via "Phoenix Trading"...
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    WA Caveat on bankrupt ex's interest in home owned by family trust - how to sell?

    Hi all, posting on behalf of a colleague. Wondering if I can get some guidance on the below as I haven't found any cases on Austlii that are directly relevant. Colleague is going to see a lawyer but would be good to have as much understanding / background info as possible to get the most out of...
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    SA Numerous Parties and bankruptcy

    My ex is bankrupt. There has been no financial disclosure. Whilst also being a party, their trustee is also now added as a party. Does their trustee have to abide by the same rules in regards to disclosure? Can I ask them directly for the bankrupt's statement of affairs rather than making...
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    VIC Distribution of an estate to a beneficiary that was bankrupt

    I'm hoping someone can let me know how an estate is distributed where one of the beneficiaries was bankrupt. Sister A. was bankrupt at the time of our mothers death and she, myself and Sister B are the sole beneficiaries of the estate. Sister A. has since been discharged but I understand...
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    QLD Inheritance to be received by Discharged Bankrupt. Stat Dec question.

    My wife was discharged from bankruptcy 20 months ago. A few weeks ago, her father died and she has been named as a beneficiary in the will. Her bankruptcy trustee has advised that they do not have an interest or claim on any inheritance she receives and she can keep any inheritance. Also, there...
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    QLD Inheritance to be received by Discharged Bankrupt. Stat Dec question.

    My wife was discharged from bankruptcy 20 months ago. A few weeks ago, her father died and she has been named as a beneficiary in the will. Her bankruptcy trustee has advised that they do not have an interest or claim on any inheritance she receives and she can keep any inheritance. Also, there...
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    VIC Non bankrupt partner buy house during bankruptcy

    Hi, Can trustee attack on a spouse house bought after bankruptcy where the bankrupt do not make any contribution to any property related expenses? Thanks
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