What is bankruptcy?

Claiming Bankruptcy Brisbane

Corporates can claim bankruptcy in Brisbane, QLD

Bankruptcy is when someone has a declining financial situation resulting from debts and arrears which they cannot pay when and as they fall due, often the best solution for the situation will be bankruptcy.

Through the natural course of bankruptcy, a trustee will be appointed which over the 3 to 7 year course will realise all assets and resources as well as all creditors and arrears of debts. The trustee will then liquefy the estate to rationally distribute the liquidated assets amongst creditors proportionate to their debts owed by the bankrupt.
Fortunately there are provisions within the bankruptcy act which give the bankrupt the opportunity to annul the bankruptcy through a Section 73 proposal.

The repercussions of creditor’s claims can often result in bankruptcy, regardless of it being your choice or that of your creditors. However bankruptcy is far from the end of the world for you. We can utilise mechanisms within the Bankruptcy Act which allow for annulment of bankruptcy through the provisions of Section 73, resulting as if the bankruptcy had never occurred. This gives you the chance of a clean slate from all debts and records accrued the time of bankruptcy.

Rather than following the natural course of claiming bankruptcy over 3 years or more, which would result in a catastrophic credit record and a painful and arduous procedure, a Section 73 proposal is an approach where “everybody wins”.

As your Insolvency Professionals we exercise the best possible course of action for you to get back up and running, eliminating residual effects and hindrances of past financial situations to give you the best possible result. Having experience and skills specialising in Section 73 proposals we can combine this with our proven strategies and methods to bring you the best possible result from bankruptcy. There is a bright light at the end of the tunnel, through our proven strategies and with our expert knowledge we can utilise Section 73 of the Bankruptcy Act to turn years of bankruptcy to months, and through an annulment it be as if the bankruptcy never occurred in the first place.

Consult our bankruptcy lawyers for claiming bankruptcy.

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