Bankruptcy

In these current financial times a number of businesses and individuals are struggling to make ends meet.

It may be that debtors of your business are at risk of becoming bankrupt or have already entered into bankruptcy.  On the other hand, it may be that you are currently experiencing difficulties and wish to know the implications of entering into bankruptcy or wish to defend bankruptcy proceedings brought against you.

If you have received a bankruptcy notice then you should urgently seek advice as this is the document that usually precedes bankruptcy proceedings being issued.  If within the timeframe stated on the bankruptcy notice the amount claimed is not paid, or if application to set aside the bankruptcy notice is not made, then this could have severe consequences.  Similar issues arise if you are operating your business via a company and receive a Creditors Statutory Demand, but in those circumstances it is insolvency that is relevant.

Although transfers of assets in advance to defeat creditors are often void as against a trustee in bankruptcy, and against the liquidator or administrator of a company, it may not be too late to protect assets if you are at risk of becoming bankrupt so long as you act promptly.

DSC Lawyers provides legal services in a wide range of bankruptcy areas including:

• Issuing Bankruptcy Notices
• Acting for businesses in bankruptcy proceedings against defaulting debtors
• Advising on Bankruptcy Notices received by individuals
• Acting for individuals in bankruptcy proceedings brought against them
• Advising in relation to voidable preferences including preferential payments to creditors
• Dealing with trustees in bankruptcy
• Approriate business structures for asset protection purposes
• Bankruptcy issues arising in debt recovery matters
• Bankruptcy issues arising in commercial litigation and disputes
• Agency services for other lawyers in insolvency matters and in bankruptcy matters

If you require legal advice on any aspect of the complex field of law of bankruptcy then the dedicated lawyers at DSC Lawyers can assist with timely and accurate advice.

Links

• Federal Court: Website of one of the two primary Courts responsible for determining bankruptcy matters
• Federal Magistrates Court: Website of one of the two primary Courts responsible for determining bankruptcy matters