Restructuring, Turnaround and Insolvency Specialists

Debtor’s Petition

A debtor may be declared bankrupt by voluntarily presenting their own petition. If a person becomes a bankrupt, a Trustee is appointed to administer the Bankrupt Estate in accordance with the provisions of the Bankruptcy Act 1966. During and after bankruptcy, the Bankrupt will experience certain restrictions and responsibilities. Proceeding to become a bankrupt, you will be required to:

For further details on the forms required, please refer to Forms for Declaring Bankruptcy (5) on the AFSA website. These will be required to be completed and lodged within 28 days of signing the forms. This will generally be processed within 24-48 hours and you become bankrupt once the forms have been accepted by AFSA. A letter will then be sent to you containing your bankruptcy number and outlining your duties and obligations as a bankrupt. The consequences of bankruptcy are serious and cannot be cancelled for a change of mind.

 

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