Sydney residents can contact us for a free consultation to review your all debt solutions, not just bankruptcy.
At Grant Thornton, we make a simple promise to every client: Follow our advice, and you won't need to call a Licensed Insolvency Trustee (formerly Bankruptcy Trustee) again. We can help you get out debt through a number of options, including a consumer proposal to your creditors or filing bankruptcy.
Bankruptcy is a legal process regulated the Bankruptcy and Insolvency Act which allows an honest debtor to be relieved of most debts and given an opportunity for a new start. It also ensures that creditors are treated fairly and equally in the process. You must consult a Licensed Insolvency Trustee to administer the process.
You can file bankruptcy or make a consumer proposal in Sydney if you:
are not presently in bankruptcy
owe at least $1,000
are not able to meet your regular payments as they become due; or
would not be able to pay all of your debts if all of the assets you are not allowed to keep are sold
Your company, partnership, or business may also file bankruptcy or make a proposal if it meets the above requirements.
Note that any unsecured creditor to whom you owe more than $1,000 could try to force you into bankruptcy. In this case, the creditor must prove that you have committed an act of bankruptcy, such as not paying your bills as they came due. The court reviews the facts and, if application is successful, issues a bankruptcy order which places you in bankruptcy by the creditor.
To speak to one of our professionals at Grant Thornton call us toll free at 310-6060 for a free, no obligation, confidential consultation.
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