If you are struggling to keep on top of bills, repayments and other debts, and you do not have a credit option or other relief available, chances are you may be considering bankruptcy. Bankruptcy is a legal process that an individual can initiate when they have a debt or debts they cannot pay. It releases them from having to pay (most of) these debts. This can provide relief and a fresh start financially. However, under the Bankruptcy Act 1966 (Cth) – the federal legislation covering bankruptcy – as well as case law, there are several exemptions and consequences to keep in mind. For example, you may lose some or all of your assets including real estate, cars and some valuables. Declaring bankruptcy can also have an impact on your ability to get credit in the near future and your employment prospects.
At Fourlion Legal, we understand that insolvency can be emotional and stressful, as well as challenging in a practical sense. As a progressive firm, we see it as our duty to make our clients’ application process as straightforward and stress free as possible. We will never judge – we’re here to provide professional, friendly advice and support.
In addition to helping clients declare bankruptcy, we can also provide advice and representation when a client wishes to defend against a Creditor’s Petition in the Federal Court, when you do not wish to be declared bankrupt. We may also be able to advise and assist if you are bankrupt and wishing to have your bankruptcy discharged, but your trustee has applied for an extension.
To put it as simply as possible, insolvency is when a business no longer has enough money available to pay their creditors – utilities providers, suppliers etc. It is something that can happen to any company, even one which appears to be doing well. After all, being asset rich and having enough cash flow to maintain staff does not always equal stability.
Fourlion Legal provides a wide range of services and advice for organizations facing insolvency. From administration to winding up a business, we are dedicated to helping out corporate clients find solutions that suit all stakeholders. We will work together with you to discuss avenues and options available under the Corporations Act and other relevant laws.
Acting for creditors
Have you supplied an individual with goods or services for which you are yet to receive payment? Are you concerned that they may not have the funds to pay you? Would you like to maximize your chances of getting paid before your debtor/s take action to avoid their debt? We can help. Depending on the size and nature of the debt you are owed, there are a number of options open to you. Fourlion Legal can help you strike a favorable balance between being paid the full amount plus interest, and being paid what you need when you need it.
For more information on how we can help, call or email us now. Remember, it costs nothing to get in touch and find out what your options may be.