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