If you become bankrupt, your bankruptcy trustee can sell or realise any assets which you own which are divisible property. This includes things like your interest in your house, shares in public companies, your car (if valued over a certain amount) or any significant cash at bank. But often people don’t know that a bankruptcy… Read more »
Earlier this year there were changes in the way you have to go about filing for bankruptcy. These changes are supposed to simplify how you can become bankrupt and how data regarding bankruptcy is captured. So how do you go bankrupt? And what should you consider before you do?
Our client’s problem We were recently referred a property developer client who had two companies which were involved in a failed property development in northern New South Wales. The companies had limited assets and they owed several hundred thousand dollars to creditors.