Corporate Insolvency
Our approach enables individuals to restructure their personal financial arrangements and move on from difficult times, whilst also maximising the returns to creditors.
We work in consultation with people who as individuals, sole traders or those in partnerships are experiencing financial difficulty as a result of either debt or personal guarantee.
We commence by gaining a thorough understanding of their specific circumstances including the extent and nature of their debt and what access they may have to future income streams, sources of funding and assets.
This leads to the development of realistic strategies that suit the circumstances and enable the individuals involved to best deal with their situation, whilst also ensuring the best possible outcome for creditors. This could involve a restructuring of their affairs, the contribution of part of their future income stream on terms accepted by creditors or bankruptcy.
Your Recovery Process
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Submit Enquiry
Submit an online enquiry for a personalised Recovery Plan to be prepared for you.
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Recovery Plan
Your Recovery Specialist will develop and present you with a Recovery Plan.
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Financial Freedom
Your Recovery Plan is commenced and your journey towards a financial fresh start begins.
Our People
Our accomplished team, led by Directors Paul Langdon and Ian Grant, brings decades of expertise in corporate insolvency, business restructuring, and bankruptcy solutions.
Frequently Asked Questions
What happens to my debts when I’m bankrupt?
Unsecured debts, such as credit and store cards, personal loans, bills, overdrawn bank accounts, and fees, are frozen and eventually extinguished upon discharge from bankruptcy. Some debts, like court fines, child support, and certain education debts, are not covered under bankruptcy.
How is my credit file affected?
Credit reporting agencies retain bankruptcy records for either 5 years from the bankruptcy date or 2 years after bankruptcy ends, whichever is later.
Who will know I’m bankrupt?
Your bankruptcy is publicly recorded in the National Personal Insolvency Index (NPII), which includes your disclosed personal details, proceeding type, administration number, trustee's details, and proceeding status.
How much can I earn?
There's no income limit during bankruptcy, but if your after-tax income exceeds a threshold, compulsory payments may apply based on your dependants.
What are contributions?
Income contributions may be required if your income surpasses the set threshold. Your trustee can use these contributions to repay debts. Payments are typically 50% of income above the threshold and are calculated by your trustee.
Can I apply for Centrelink?
Bankruptcy doesn't affect your eligibility for Centrelink benefits.
Is my spouse's income affected?
Only your income is assessed for compulsory payments; your spouse's income doesn't impact this assessment.