Bankruptcy & Insolvency Law & lawyers

It is a common misconception that insolvency and bankruptcy are interchangeable terms, but in fact bankruptcy applies to individuals and insolvency and is used in relation to companies. Many people face problems with their debts and in extreme circumstances this can lead to insolvency or bankruptcy. This is becoming increasingly common in the current economical climate especially due to how easy it used to be to get credit. If you find yourself in a position where you are unable to meet your monthly repayments and are being hassled by creditors, leaving you worried and stressed, then you may need the help of a specialist bankruptcy or insolvency solicitor.

If you need legal help regarding bankruptcy or insolvency, please complete your free legal enquiry form on the right, or click here.

Bankruptcy has many negative connotations associated with it but this should not necessarily be the case. In many circumstances bankruptcy can be the best option and often people who experience bankruptcy feel relieved afterwards. Once a bankruptcy order has been made against you either at your request or at the request of a creditor to whom you owe money or more an Official Receiver will be appointed who will be responsible for administering your bankruptcy unless an insolvency practitioner is appointed. Once the order has been made against you, your creditors will no longer pursue you to settle the debt. Repayment becomes the responsibility of the Trustee appointed by the court to administer your bankruptcy.

Bankruptcy & Insolvency Lawyers

Personal bankruptcy or corporate insolvency are areas of law that until you are effected by them you will probably never have the cause to encounter.

Whether you are on the receiving end of a bankruptcy or winding up petition or wishing to file a petition against a debtor, specialist Bankruptcy & Insolvency Lawyers will be able to advise and guide you through the process.

We aim to give a cost effective solution to you bankruptcy or insolvency issues and have particular expertise in the following areas:

• Defending bankruptcy or company winding up petitions.
• Setting aside or annulling bankruptcy orders so that as far as the law in concerned you would be regarded as never having been made bankrupt.
• Defending statutory demands prior to any formal petitions.
• Defending claims by the Trustee in Bankruptcy for possession of your house or to set aside allegedly undervalue transactions

If you have been made insolvent or declared bankrupt there are however some major drawbacks. For example you will not be able to work as a director of a company or a financial advisor.

Please complete your free legal enquiry form on the right, or click here, if you feel that bankruptcy or insolvency is required.

Generally speaking, an Insolvency Lawyer can provide advice, assistance and representation in (but not limited to) in the following insolvency related areas:

• Administration Orders;
• Charging Orders;
• Bankruptcy Annulment;
• Debt Collection;
• Company Insolvency Restructuring;
• Company Restoration.

If you need legal help regarding bankruptcy or insolvency, please complete your free legal enquiry form on the right, or click here.

The Insolvency and Trustee Service Australia (ITSA)

The Insolvency and Trustee Service Australia (ITSA) is responsible for the administration
and regulation of the personal insolvency system in Australia.
The purpose of The Insolvency and Trustee Service Australia is to provide a personal insolvency system that minimises the impact of financial failure on the community, produces equitable outcomes for debtors and creditors and enjoys public confidence, through application of bankruptcy laws, regulation and trustee services.

The primary pieces of legislation with respect to Bankruptcy Law are:

• Bankruptcy Act 1966
• Bankruptcy Regulations 1996
• Bankruptcy (Estate Charges) Act 1997
• Cross Border Insolvency Act 2008

The Bankruptcy Act creates the roles of the Inspector-General in Bankruptcy, Official Receiver and the Official Trustee. ITSA performs all of these roles.

If you are feeling financial pressure and need legal help regarding bankruptcy or insolvency, please complete your free legal enquiry form on the right, or click here.

Bankruptcy Law - Some further information

The term bankruptcy applies to individuals, not to companies. In the context of a business, an individual may be declared bankrupt because an unincorporated business, such as a sole trader or a partnership, has failed. The director of a company could also become bankrupt, often as a result of giving a personal guarantee to a loan.

If you need legal help regarding bankruptcy or insolvency law, please complete your free legal enquiry form on the right, or click here.

Bankruptcy is a process by which a person is found to be unable to pay his debts. It may be that the debtor has cash-flow problems, so that he may be able to pay his debts eventually but is unable to pay them as they become due. The debtor could also have a liability that will arise in the future which he will not be able to pay. If the debtor cannot pay his debts in this way then he is insolvent. If the court then makes a bankruptcy order, the debtor will become a bankrupt and his property will vest in the trustee in bankruptcy for distribution to his creditors. Eventually, even if all his debts have not been paid, the bankrupt will be discharged and he will then be free from almost all of his previous debts. As an alternative to bankruptcy, the debtor could enter into an Individual Voluntary Arrangement.

If you would like to obtain legal help on Bankruptcy, or would like help from a good Bankruptcy Lawyer, please complete your free legal enquiry form on the right, or click here.

Bankruptcy should be seen as a last resort if you can no longer pay the debts you owe. Before considering bankruptcy you should look at any possible alternatives - such as informal agreements, Individual Voluntary Arrangements, Deed of Arrangements and administration orders. Bankruptcy lawyers can help you negotiate and set up any of these arrangements.

If you are feeling financial pressure and need legal help regarding bankruptcy or insolvency, please complete your free legal enquiry form on the right, or click here.

Bankruptcy lawyers can also help if your business is having bankruptcy forced upon it. Bankruptcy law allows anyone that you owe money to the opportunity to make you bankrupt in order to recover all or some of the money you owe them. In most cases, these types of bankruptcies are used by businesses.

The law is very clear about how bankruptcy should be handled for individuals and for businesses. If you feel that you have been unfairly treated, you can use bankruptcy lawyers to help you regain some of the assets you may have lost. Never attempt to handle this type of case alone, as bankruptcy law is highly complex.

If you need legal help regarding bankruptcy law, please complete your free legal enquiry form on the right, or click here.

Also, if you are bankrupt a bankruptcy lawyer can help you with negotiations with the court that issued your bankruptcy notice and the Official Receiver that will handle your case during your bankruptcy will be typically in force.

If you would like to obtain legal advice in regards to bankruptcy law, we can put you in touch with a local specialist bankruptcy lawyer - simply complete your free legal enquiry form on the right, or click here.

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