Insolvency and bankruptcy law

Services > Insolvency and bankruptcy law

 

 

Rostron Carlyle’s litigation and dispute resolution team advise clients on all aspects of insolvency and bankruptcy law.

 

Insolvency

 

Rostron Carlyle has maintained a strong insolvency team since the inception of the firm and continues to expand its services through all areas of insolvency and reconstruction. We understand the need for strategic and practical advice to our clients particularly with the current economic environment.

 

Our team of experienced lawyers work closely with our clients in achieving their aims and commercial objectives.  We act for liquidators, administrators, receivers, lenders, companies, directors and individuals in all areas of insolvency including:

	liquidations
	voluntary administrations
	receiverships
	public examinations
	claims against directors
	schemes of arrangement
	corporate recovery
	uncommercial transactions
	corporate fraud investigations
	securities enforcement
	investigation and litigation funding
	ASIC inquiries

 

Bankruptcy

 

Our Legal Practitioners are generally involved as follows:

	representing creditors
	providing advice to the trustees
	representing trustees in litigation

 

Representing creditors

 

A precondition to the issue of a Bankruptcy Notice as prescribed in the Bankruptcy Act 1966 (Cth) is the existence of a final judgment or final order that:

	is of the kind described in paragraph 40(1)(g); and
	is for an amount of at least $2,000

or 2 or more final judgments or final orders that:

	are of the kind described in paragraph 40(1)(g); and
	taken together are for an amount of at least $2,000.

 

An ‘act of bankruptcy’ is where a Bankruptcy Notice is issued on behalf of the Creditor, and the individual fails to make payment to the creditor within 21 days of service.  The Creditor then applies for a Creditor’s Petition.  If the Court is satisfied that the correct procedure has been followed, the Court shall make a Sequestration Order which makes the individual Bankrupt.

 

Bankrupt

 

Bankruptcy generally lasts for a period of three years with a permanent record on the Personal Insolvency Index. Once Bankrupt, the individual’s creditors are advised, and the Trustee is appointed for the purposes of arranging payment to the creditors by:

	selling the individual’s assets
	income contributions; and
	Recovering money or property transferred to others.

 

With becoming Bankrupt, there are a number of restrictions and obligations which the individual must follow including:

	notifying the Trustee of changes in personal details including name, address, income, inheritance for example
	Restrictions on overseas travel;
	Restrictions on involvement in a company’s management/directorship;

 

Obligations to cooperated with the Trustee

 

Bankrupts are obliged to advise your bankruptcy has not been discharged when borrowing/purchasing over a certain amount.

 

Expertise

 

Rostron Carlyle's lawyers has significant experience in insolvency and bankruptcy litigation.

 

Not only will you find that Rostron Carlyle is likely to have assisted someone to do exactly what it is that you are trying to do, but you’ll find that a Rostron Carlyle lawyer can distill a complex legal issue into a set of actionable options for you to consider.

 

A Rostron Carlyle lawyer will be a person that you can relate to.  We'’ll talk your language. Most

importantly, a relationship with a Rostron Carlyle lawyer will be "a relationship you can rely on".