Hutchinson Legal can provide advice to bankruptcy trustees in relation to all aspects of bankruptcy administration and assist trustees to recover as much divisible property as possible for the benefit of creditors. This includes seeking to set aside voidable transactions and effectively realising interests in real property.
Hutchinson Legal can also provide advice to bankrupts that wish to challenge the various decisions made by bankruptcy trustees, such as income contribution assessments, denial of requests to travel overseas, objections to discharge from bankruptcy as well as seeking a review of the remuneration, costs and fees claimed by the bankruptcy trustee from the bankrupt estate.
There are also alternatives to bankruptcy and a person with a regular income and limited assets may be able to enter a Debt Agreement as a compromise of their debts. You should ensure you consider all the alternatives before you decide to make yourself bankrupt and obtain legal advice before taking such a step. The team at Hutchinson Legal can advise you in relation to completing a Statement of Affairs and the consequences of becoming bankrupt.
Legal advice should always be obtained before seeking to make yourself bankrupt, to ensure you understand the consequences for yourself, your employees and your family members. Understanding how the information inserted into your Statement of Affairs is likely to be used by a bankruptcy trustee can help you make your decision.
Spouses and partners can be quite adversely impacted by another’s bankruptcy, particularly when a bankruptcy trustee makes demands for assets and information in relation to the bankrupt’s financial dealings. Obtain our advice so you know where you stand and your options in responding to such demands.
There are different legal options available for avoiding or getting out of bankruptcy. Understanding the legal consequences of these options is vital to ensuring you make the right decisions. Contact our team to receive legal advice on which options are available and best suited to your situation.
The decisions of a bankruptcy trustee can be challenged in certain circumstances, if done within a limited time, which depends upon the specific decision being challenged. This should firstly be done urgently and directly in writing with the trustee. If the matter remains unresolved, you may be able to apply for a review through the Australian Financial Security Authority. Contact our team to receive advice on your available options.