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.
Fast Facts and Figures
Fast Facts
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 $9,400
Superannuation
reasonable benefit limit
Tools of trade
up to $4,350