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Fast Facts

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 prescribed limits:

Motor Vehicle
up to $7,900
Superannuation
up to reasonable benefit limit
Tools of trade
up to $3,750

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