Fast Facts
Corporate Insolvency
Time Frames to Initiate:
Creditors’ Voluntary Liquidation Immediate
Members’ Voluntary Liquidation 7 days
Voluntary Administration Immediate
Deed of Company Arrangement 25 business days approx.
Personal Insolvency
Time Frames to Initiate:
Bankruptcy- declare yourself bankrupt Immediate
Personal Insolvency Agreement 25 business days approx.
Asset Allowances (if made bankrupt)
A bankrupt may hold the following assets up to the prescribes limits:
Motor Vehicle up to $7,800
Superannuation up to reasonable benefit limit
Tools of trade up to $3,700
