A trustee in bankruptcy may continue to carry on the bankrupt’s business. Typically a trustee in bankruptcy would only do this if the trustee believed that the bankrupt’s business had a commercial value and could be sold for the benefit of creditors. If the bankrupt’s business had no commercial value then the trustee in bankruptcy may not take any steps to sell the business. If the bankrupt continued to work in the business then the bankrupt would be assessed for compulsory income contributions.
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- What powers does a Trustee in Bankruptcy have?
- Bankruptcy and the Family Home
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- Role of a Trustee in Bankruptcy
- Responsibilities and obligations of a bankrupt
- Becoming Bankrupt in Australia – Creditor’s Petition
- Becoming Bankrupt in Australia – Debtor’s Petition
- What is Bankruptcy?
- Bankruptcy Registry?
Bankruptcy Trustee to carry on the bankrupt’s business
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Bankruptcy Glossary & Information
5/07/11