Archives: faqs

The role of the executors of a will is to identify and collect the assets of the estate and then distribute them according to the will left by the deceased. But what happens if the executors fail to perform their role properly? In the case of Bird v...

Homemade documents, such as do-it-yourself will kits or handwritten notes, are often inadequate in clearly stipulating what you wish to happen to your assets after you die. A properly laid out and executed will can avoid unintended consequences,...

While preparing a will is seen as essential for anyone who owns property or possessions and has dependents, details and security of a person’s online accounts and profiles is often overlooked. Although the Internet is a relatively...

Receiving a Statutory Demand, whether in person or even through the mail, is something you cannot ignore. The Statutory Demand is a powerful document in Australia. Failure to respond to a Statutory Demand within 21 days will be...

What Does It Mean to Be Bankrupt? Bankruptcy has serious effects on the individual. Upon becoming bankrupt means that almost all of their property goes to (‘vests in’) the person’s Trustee in Bankruptcy.   How Does Going Bankrupt...

Difference between bankruptcy and insolvency At a conceptual level, Bankruptcy and Insolvency both mean the same thing. The technical legal definition of Bankruptcy and Insolvency varies between jurisdictions. In Australia it means that the person...

This is actually the second question we need to ask. The answer to it will depend on the answer to the most important first question. This question is "Does the debtor have funds to pay?" There is no point starting the debt collecting...

Deciding when to take legal action can be quite simple. It is when you want to FORCE the debtor to pay you what you are owed!  The debt collection process will depend on the terms of trade between yourself and your customers (or...

Company Liquidation refers to when a company's assets are liquidated - that is, redistributed or sold. Voluntary liquidation of a company starts when the directors pass a resolution. If the business is still operating when the resolution is...

Voluntary Administration is a legal way of giving a business an opportunity to continue to trade when facing insolvency. Trading insolvently – not being able to pay debts as and when they are due – is a serious issue and a breach of Directors'...