INSOLVENCY

  • Corporate – where the debts are owed by a company
  • Insolvent Trading – as a director, you may be liable for the claims of creditors. If you continue to trade whilst your if you are you conduct your business? Do you believe you can trade out of your difficulties and if so, on what information?
  • Creditors Statutory Demands – what should a company do when served with such a demand? What is the time limit for applying to the Court to set aside a statutory demand? What are the grounds on which I can apply?
  • Director Penalty Notices – (issued by the ATO to Company Directors) are you personally liable to the Australian Taxation Office? Are there any steps I can take to reduce or avoid my liability?
  • Personal – where the debts are owed by an individual
  • Bankruptcy – what of the ramifications of presenting your own petition in bankruptcy? Will I lose my job or my licence? How much do I have to pay to my trustee in bankruptcy? How long will I be bankrupt? Can I keep my car?
  • Alternatives to Bankruptcy – can I enter into an agreement with my creditors and avoid bankruptcy? What if some of my creditors disagree?
  • Dispositions of Property before Bankruptcy – are transfers of property before your bankruptcy? Can my trustee in bankruptcy upset those transactions?
  • Superannuation – is it safe from my trustee? Our payments are made to my superannuation fund prior to my bankruptcy able to be set aside?