NSW sequestration Order Granted

[RachelEmma]

Hi,

After nearly 2 years of drama and the stressful situation in regards to ongoing damage to our home, we officially made our respondent Bankrupt after we were awarded a sequestration order against him today.

He has ignored the fact he owes us over $54k now (at the last count) and didn't even turn up to the federal court today.

My question is this:

If the trustee goes ahead and sells his property - do you think we would see any of of our NCAT judgement debts paid back which totals $49k or just our court costs due to the hire of our lawyer?

Many thanks in advance!!

 

[Rob Legat - SBPL]

That answer all depends on what assets he has that the bankruptcy trustee can obtain and sell, and what other debts he has. There is no way to tell from the information given.

 

[RachelEmma]

That answer all depends on what assets he has that the bankruptcy trustee can obtain and sell, and what other debts he has. There is no way to tell from the information given.

He owns his own house since 2013..
Does this help?
Tia
Rachel

 

[Rob Legat - SBPL]

Nope. It’s indicative that you may get something, but if the house is secured by mortgage (for example) then the mortgagee gets their debt satisfied first. Their net asset and liability situation needs to be looked at in total, and what debts are secured against which assets.

 

[RachelEmma]

Nope. It’s indicative that you may get something, but if the house is secured by mortgage (for example) then the mortgagee gets their debt satisfied first. Their net asset and liability situation needs to be looked at in total, and what debts are secured against which assets.

Thank you!!