Bankruptcy in Tasmania, Interstate & Launceston

Bankruptcy Services

Bankruptcy is a legal process where an individual is declared bankrupt as they are unable to pay their debts due to creditors. A bankruptcy trustee is appointed to administer the insolvent individual’s affairs ensuring an equitable distribution of their divisible assets among creditors. Bankruptcy enables individuals to be released from most debts allowing them to make a fresh start.

Bankruptcy only applies to individuals, not companies. In cases where businesses operate as sole traders or partnerships, only the individual/s can become bankrupt, not the business entity itself.

An individual may become bankrupt in one of two ways:

• Voluntary bankruptcy
• Creditor initiated bankruptcy - creditors can seek a sequestration order to make an individual bankrupt

Bankruptcy may have serious impacts and it is important that you seek advice from a professional advisor to discuss your specific circumstances and options available.

Please do not hesitate to contact us now for a free and confidential initial consultation.