An individual that is unable to pay their debts can be declared bankrupt. Bankruptcy can be entered voluntarily or by court order. Whether voluntary or court ordered, bankruptcy provides a procedure for an authorised person, known as a trustee, to…
If you are a creditor and for some reason, your debtor is showing no signs of repaying what they owe, what are your options? In some cases, you may be able to bankrupt your debtor. Once a court judgment has…
After commencing proceedings against a person or a business, you must take steps to let that person or business know about the claim you are making against them; this is called ‘service’. There are different requirements of service, depending on…
It is not always inevitable that a debtor will present a debtor’s petition or be served by a creditor’s petition. There are alternatives ways to try and find some relief including a Personal Insolvency Agreement under Part X of the…
Are you struggling to repay your debts? You may need to declare bankruptcy. Society typically views bankruptcy negatively, but it can be a useful means for survival in certain situations. You (as an individual) can become bankrupt in two ways.…
If a debtor has been served with a bankruptcy notice, they must either pay the amount specified in the notice within the relevant time or they have to take steps to challenge the notice immediately. It is critical that a…
If a creditor intends to enforce an unpaid debt, the creditor is entitled to present a creditor’s petition to the court to recover the money owed. If the creditor’s petition is successful, the court will make a sequestration order. The…
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