bankrupt

Australia's #1 for Law
Join 150,000 Australians every month. Ask a question, respond to a question and better understand the law today!
FREE - Join Now
Bankruptcy is a legal status of a person or other entity that cannot repay the debts it owes to creditors. In most jurisdictions, bankruptcy is imposed by a court order, often initiated by the debtor.
Bankruptcy is not the only legal status that an insolvent person may have, and the term bankruptcy is therefore not a synonym for insolvency. In some countries, including the United Kingdom, bankruptcy is limited to individuals, and other forms of insolvency proceedings (such as liquidation and administration) are applied to companies. In the United States, bankruptcy is applied more broadly to formal insolvency proceedings. In France, the cognate French word banqueroute is used solely for cases of fraudulent bankruptcy, whereas the term faillite (cognate of "failure") is used for bankruptcy in accordance with the law.

View More On Wikipedia.org
  1. T

    SA bankrupt ex, acn missing, no disclosure

    Hi, Im wondering if someone could help me please. Ive searched the registers but an ACN of my Bankrupt ex does not show any details and says it cant be found? What am I doing wrong please? Im searching for hidden assets and businesses that he's stolen and still running via "Phoenix Trading"...
  2. M

    WA Caveat on bankrupt ex's interest in home owned by family trust - how to sell?

    Hi all, posting on behalf of a colleague. Wondering if I can get some guidance on the below as I haven't found any cases on Austlii that are directly relevant. Colleague is going to see a lawyer but would be good to have as much understanding / background info as possible to get the most out of...
  3. T

    SA Numerous Parties and bankruptcy

    My ex is bankrupt. There has been no financial disclosure. Whilst also being a party, their trustee is also now added as a party. Does their trustee have to abide by the same rules in regards to disclosure? Can I ask them directly for the bankrupt's statement of affairs rather than making...
  4. W

    VIC Distribution of an estate to a beneficiary that was bankrupt

    I'm hoping someone can let me know how an estate is distributed where one of the beneficiaries was bankrupt. Sister A. was bankrupt at the time of our mothers death and she, myself and Sister B are the sole beneficiaries of the estate. Sister A. has since been discharged but I understand...
  5. M

    QLD Inheritance to be received by Discharged Bankrupt. Stat Dec question.

    My wife was discharged from bankruptcy 20 months ago. A few weeks ago, her father died and she has been named as a beneficiary in the will. Her bankruptcy trustee has advised that they do not have an interest or claim on any inheritance she receives and she can keep any inheritance. Also, there...
  6. M

    QLD Inheritance to be received by Discharged Bankrupt. Stat Dec question.

    My wife was discharged from bankruptcy 20 months ago. A few weeks ago, her father died and she has been named as a beneficiary in the will. Her bankruptcy trustee has advised that they do not have an interest or claim on any inheritance she receives and she can keep any inheritance. Also, there...
  7. T

    VIC Non bankrupt partner buy house during bankruptcy

    Hi, Can trustee attack on a spouse house bought after bankruptcy where the bankrupt do not make any contribution to any property related expenses? Thanks
  8. B

    QLD Inheritance when bankrupt

    I am currently bankrupt and my father passed away within 180 of filing for bankruptcy and has left me a large sum of money. I understand the legal side that my inheritance goes to my bankruptcy trustee to pay the creditors but my question is how can I stop losing all my inheritance to my...
  9. A

    TAS Caveat on house, discharged bankrupt

    Hello, I have recently been discharged from bankruptcy (3+years). The trustee placed a caveat on the house as there was no equity. Now discharged, after valuation, the trustee wants $40,000 in equity and legal costs. I don't have $10,000, let alone 40,000. If the house was sold I would still owe...
  10. P

    WA Signing retail lease when bankrupt

    I would like to sign a retail lease for a market stall that is three days a week trade. I can easily afford the rent even if I didn't sell a single thing. What are my obligations as a bankrupt to reveal to the lease holder? Am I actually allowed to sign a lease? Also my trading name uses my...