Broadly speaking, bankruptcy is when a person is unable to pay their debts when they are due and payable. In Australia, being declared bankrupt
refers to the insolvency regime for individuals under the Bankruptcy Act 1966 (CTH).
Streeterlaw has extensive experience in dealing with bankrupt companies or companies going bankrupt and predominantly acts for creditors.
The Bankruptcy Act regulates the legal process by which an administrator or trustee can be appointed to take over the financial affairs of the
individuals. The minimum amount of debt required before a bankruptcy notice can be issued is $5000. Streeterlaw acts on behalf of creditors
seeking to recover debts from individual debtors and assists trustees in relation to bankruptcy issues, including the following: public examinations,
search and seizure orders, the transfer of land, recovery of assets, caveats on land, and seeking to recover voidable transfers of assets or property.