Understand where you are, and where you can be. Discover your new journey towards financial freedom.
Alleviate your stress
Experiencing debt is overwhelming and stressful. We will provide you with options to a fresh start.
Speak to experts in the field
With over 20 years experience in personal insolvency, our in-house registered trustee will guide you through the process.
Discover your new path
Personal Insolvency is when you’re dealing with unmanageable debt and unable to meet your repayments. It can be incredibly overwhelming when your personal debts begin to accrue, it is important to know of your options. Sometimes people experience debt to circumstances beyond their control, and it’s okay. In Australia, over 20,000 people enter into personal insolvency. There is always light at the end of the tunnel, outlined in the Bankruptcy Act 1966 there are numerous options you can enter to get on the front foot of your personal finances.
“A pleasure to work with, efficient and proactive in their approach to all tasks. Transparent with information and very honest each step of the process, with no surprises at the end. I would highly recommend Mackay Goodwin to friends, family and colleagues.”
Solutions to financial freedom
Bankruptcy is the legal process when you are unable to pay your debts. It is a process that begins by submitting a statement of your financial affairs to declare you are personally insolvent. During this process your trustee will be responsible for communicating to your creditors as they begin to sell your assets to repay your debts. The bankruptcy process usually lasts three years, providing you with a clean slate.Learn more
A debt agreement is a legally binding agreement between you and your creditors. The agreement states terms on repaying your debts over a period of time, usually from 3-5 years. To begin, your financial advisor will lodge your proposal to your creditors to pay a percentage of your total debt. Your creditors will then vote on your proposal, given they approve you will then begin to make repayments to your debt agreement administrator.Learn more
Offering a more informal approach to your financial freedom, creditor negotiations include informal debt agreements and personal insolvency agreements. This process involves an expert financial advisor to negotiate with your creditors on repayments that are affordable to you.Enquire now
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. Understanding your current position, he will provide solutions to ensure you’re on the path to financial freedom.
Together, we will guide you to get back on the front foot of your finances.
Personal Insolvency FAQs
Yes! Given your personal financial situation improves/changes you can pay off your debt agreement earlier than planned.
Declaring bankruptcy is beneficial to you when you’re unable to pay you debts when they are due. Or, if you have exhausted all other solutions to relief your debt.
Your bankruptcy trustee is responsible for communicating to your creditors on your bankruptcy process. They begin by managing your estate, selling any substantial assets, and assessing if the assets will be to your creditors benefit.
Meet our team of experts and registered liquidators
back in business
Security Company Case Study
An 85% reduction in debt gets company through a major trading and cash flow problem. An electronic security company in Brisbane with clients ranging from small boutiques to international mega-corporations within Australia was experiencing difficulty with their cash flow, so Mackay Goodwin stepped in to help.Learn More
Building Developer Case Study
This South Australian builder continues to trade, thanks to a DOCA, restructure and dispute resolution. When an Adelaide building development company found itself in a lengthy and protracted legal dispute over a costly project, it found itself unable to trade out of the heavy losses it had incurred as a result of the deal.Learn More
Earth Moving Company Case Study
75% reduction in tax debt gets this earthmoving company moving again. By the time a Melbourne-based earthmoving company contacted Mackay Goodwin over reducing their accrued debt, they had built up a $280,000 backlog with the Australian Taxation Office (ATO).Learn More