A trustee in bankruptcy may continue to carry on the bankrupt’s business. Typically a trustee in bankruptcy would only do this if the trustee believed that the bankrupt’s business had a commercial value and could be sold for the benefit of creditors. If the bankrupt’s business had no commercial value then the trustee in bankruptcy may not take any steps
Anthony Warner
What powers does a Trustee in Bankruptcy have?
to sell property to obtain legal advice to carry on the bankrupt’s business to bring or defend any legal proceedings to pay out mortgages to apply to court for a warrant to seize property to apply to court to carry out any function to issue notices to obtain information to publically examine a bankrupt to convene a meeting of creditors
What is Bankruptcy?
Bankruptcy is a government legislated process that is designed to create a fair outcome for all involved when someone is unable to honour their debts. For the individual, it provides relief from the stresses of unmanageable debt and legal protection from their creditors. It also helps the creditors, in that it creates a system by which any recoverable funds are
Can I apply for bankruptcy whilst overseas?
Dylan called us from overseas and wanted to know if he could file for bankruptcy in Australia whilst he remained overseas. Dylan moved overseas when he lost his job in Australia. With this sudden loss of income and with no savings, Dylan had no ability to pay for his rent and his debts rapidly started to increase. He contacted ABS and
You do not get to pick and choose creditors when you file for bankruptcy
Susan and Ryan called Australian Bankruptcy Services for advice on filing for bankruptcy. Susan and Ryan have several credit cards and one personal loan and used the credit card to shop on-line. Susan loved shopping on-line so much that she wanted to know if she could keep her credit card if she filed for bankruptcy. In other words she wanted
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