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A new chapter

Bankruptcy provides you with the opportunity to have a fresh start on your new chapter.

Eliminate the hills of uncertainty

Our in-house registered Trustee provides you with certainty and clarity on the process of your new journey

Guidance from beginning to end

Our people are with you every step of the way on your path to financial freedom.

What is Bankruptcy?

Bankruptcy is a legal process outlined in the Bankruptcy Act 1966 that provides you the opportunity to start fresh when dealing with unmanageable debt. Declaring bankruptcy means you are released from all liabilities as your trustee will begin to manage your financial affairs. Your trustee will communicate with your creditors as they begin to sell and pay off your debts. The bankruptcy process lasts three years from the statement of affairs.

Declaring bankruptcy sounds daunting but it doesn’t need to be. In Australia, over 17,000 people enter bankruptcy on average each year. Understanding the facts surrounding bankruptcy and breaking the common misconceptions, bankruptcy can provide you with a clean slate.

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Thyge Trafford-Jones

In-House Registered Trustee

At Mackay Goodwin, we have an in-house registered Trustee, Thyge Trafford-Jones who has over 20 years of personal insolvency experience.

In bankruptcy, you will need to appoint a Trustee to manage your bankruptcy. A Trustee communicates with your creditors, manages the estate and sells assets on your behalf to alleviate your debt

With our in-house registered Trustee, we will guide you to get back on the front foot of your finances.

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Finding the path to what’s next
Enjoy financial freedom in three simple steps.
Enquire with us today.

Have a confidential chat with our in-house Trustee to assess your situation.

We will talk you through your options and pathways to financial freedom.

Meet our team of experts and registered liquidators

Bankruptcy FAQs

In Australia, outlined in the Bankruptcy Act 1966, states the process of bankruptcy usually lasts 3 years and 1 day. At the end of the period, you are then ‘discharged’. However, it is important to note that even after being discharged, the administration may continue until the Trustee states otherwise. The reason of this usually occurs because investigations are still ongoing or there is property to be sold.

Once you declare bankrupt, it will be stated on your credit file for a period of time. Depending on which is later, the duration is either two years or five years from the date you declared bankrupt.

To enter bankruptcy, we will submit a bankruptcy form on your behalf. Entering bankruptcy will relief you from your debts as your first step to financial freedom.

If you do not have any assets you own, your trustee will total your debts and communicate with your creditors. Your trustee will outline your financial commitments that sets the foundations for you to start fresh.

Understanding the Difference Between Liquidation and Bankruptcy

Understanding the Difference Between Liquidation and Bankruptcy

Bankruptcy and liquidation are often confused and used interchangeably, but these two terms are actually very different. While both could involve insolvency – the inability to meet debt obligations – …

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How to Avoid Company Bankruptcy or Liquidation

Sometimes, a company bankruptcy or liquidation is simply inevitable. Perhaps the company had a product that exploded in popularity, only to prove to be a fad, and it struggled to …

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Get in touch

Speak to one of our experts now for a free consultation.
Enter your details below or call 1300 750 599.

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    Get in touch

    Speak to one of our experts now for a free consultation.
    Enter your details below or call 1300 750 599.