Have a quick question. My son has just been advised a creditor is petitioning for bankruptcy. My son has quite a few assets totalling around 2mil which are not encumbered by outstanding debts. Over the past few years he has struggled with debts due to an illness. Part of the reason for the struggle has been due to his insurer messing him around in paying his insurance protection. Things are now moving in this regard, and a payment of around 100-150k should be paid to him in the next 6 weeks. This payment will fully cover the outstanding debt. The creditor has been told of the issues and kept updated on the progress via copies of the communications being issued etc. Even though they are aware of this, they have advised him they are proceeding to bankruptcy. My question here is what is the timeline for the proceedings? I am wondering if he still has time to pay the debt if he is able before the bankruptcy is granted by the courts. The creditor had previously been awarded a judgement without his knowledge - they say he was subpoena'd but he never received it.
NSW Timeline for petitioning for bankruptcy
- Thread starter Simon123!
- Start date
-
- Tags
- bankruptcy
Similar threads
