Be aware of the potential insolvent trading claim against the director. Our advice is that when you realise your company is insolvent, it’s better to act as soon as possible to seek advice on alternatives available.

No, Liquidator’s fees will be paid out of the company’s assets. However for certain jobs, we may require an indemnity from the director to pay some of the cost of liquidation.

Yes but ASIC can obtain Director Banning Order which will restrict some directors from being appointed for a nominated term.

The director should seek advice regarding personal insolvency options from us or legal advice regarding these matters.

Your divisible property will vest in your Trustee who may recover and realise them for the benefit of the bankrupt estate. Some assets are protected and you may retain them, these include:

• General household items
• Furniture
• Personal effects
• Superannuation Policies
• Life Insurance Policies
• Personal injury damages/payouts
• Motor Vehicles to the value of $9,100.00 (indexed annually)
• Tools of Trade to the value $4,200.00 (indexed annually)

Once the Debtor’s Petition and Statement of Affairs are filed the typical processing time is between 1-4 business days, after which you will be declared bankrupt and a Trustee will be appointed to your bankrupt estate.

The majority of your unsecured creditors will be covered by your bankruptcy. Some of your debts that will not be covered are as follows:

• Court imposed penalties and fines
• Child Support & Maintenance
• HECS & HELP debts
• Debts you incur post-bankruptcy
• Unliquidated debts (where an amount has yet to be determined)

Secured debts will still be required to be paid if you wish to maintain possession of the asset subject to the security.

You do not need to attend Court if you are lodging a Debtor’s Petition. Your Trustee may require you to attend Court to be publicly examined in order to assist their investigations should they deem it necessary, however this is not common.

Your creditors will be able to lodge claims in the estate advising of the debt. Should there be sufficient funds realised in the estate, creditors who have proved their debt will be paid a dividend. Any unpaid balance of the debt outstanding after the payment of a final dividend will be written off. If no funds are realised in the estate then creditors will not be paid and the debts written off.

Your assets will vest in your Trustee who may recover and realise them for the benefit of the bankrupt estate. Some assets are protected and you may retain them, these include:

• General household items
• Furniture
• Personal effects
• Superannuation Policies
• Life Insurance Policies
• Personal injury damages/payouts
• Motor Vehicles to the value of $9,400.00 (indexed annually)
• Tools of Trade to the value $4,350.00 (indexed annually)

You may not act as a director of a company whilst a bankrupt. You are also unlikely to be able to act as the trustee of trust depending on the provisions of the trust deed. Any existing partnership will also be dissolved upon your bankruptcy.

You may however trade as a sole trader or as a member of new partnership. As a sole trader if you do not trade in your own name, you must disclose your bankruptcy to everyone you trade with. You may obtain credit up to a limit of $7,060.00 (indexed quarterly) without having to disclose your bankruptcy to a credit provider. However, it is advisable to do so regardless as many credit providers will check the National Personal Insolvency Index to check whether you are a bankrupt.

Yes, we can attend to your annual ASIC company review and compliance requirements. We can prepare and lodge documentation for your company, relating to officeholder appointments and resignations, share transfers, share allotments, address changes, de-registrations, and other requirements.

We specialise in:

• Tax return preparation and lodgement
• Asset protection
• Succession planning and business evolution
• ASIC requirements and reporting
• BAS assistance, preparation and lodgement
• PAYG instalment variations
• Structuring and restructuring
• Capital gains tax
• Shareholder loans
• Taxation of trusts

Yes, we can prepare and lodge your Business Activity Statements. We can also provide advice on your BAS, and work with you to ensure you better understand your GST obligations.

Yes, we can provide advice on employment-related costs, including payroll tax, Return to Work SA (WorkCover), and superannuation.