For the first time, ITSA released Australian bankruptcy appointments by postcode for the 2010/2011 year. If you wish to see which postcodes recorded the highest bankruptcy appointments in Australia please click the state in the table below:

The above bankruptcy statistics include both court and debtor bankruptcy appointments.

At Bankruptcy Australia we focus on assisting Australians who need to file for bankruptcy on a voluntary basis (which is known as a Debtor’s Petition).

If you wish to file for voluntary bankruptcy, we can assist you complete the forms for a fixed fee of $400 which is a very competitive fee. Don’t be pushed into bankruptcy by your creditors! We encourage you to ring around and compare prices, however, we will not be beaten on price.  When you ring around, make sure you are dealing with a fully registered company that specialises in Australian Bankruptcies.  Not all companies are fully registered or fully insured to administer Bankruptcy Administrations in Australia.  At Bankruptcy Australia, we are fully registered to provide the full suit of bankruptcy services, including bankruptcy applications and we can also administer your bankruptcy from $75 per week.

Call us today if you need bankruptcy with a bankruptcy application on 1800 003 883

Dylan moved overseas when he lost his job in Australia. With this sudden loss of income and with no savings Dylan had no ability to pay for his rent and his debts rapidly started to mount up. Whilst overseas, Dylan desperately attempted to borrow more money from friends and family.

Dylan was so worried that he will not be able to support himself and pay his $60,000 credit cards and personal loans so he called Bankruptcy Australia for advice.

We accepted his call from overseas and talked about his options. Dylan wanted to apply for Bankruptcy in Australia whilst he remained overseas. We explained to him that he would need to return to Australia before he could apply for Bankruptcy in Australia and lodge his bankruptcy application with ITSA.

Under Australian Bankruptcy law you need to be present in Australia and have an Australian address in order to file for bankruptcy.

We advised Dylan that he would need to return to Australia to file his bankruptcy application. We offered our services to help him complete all of the necessary paperwork for $400. That fee would include us filing his application with ITSA.

Dylan wanted to know if he returned to Australia to file his application for Bankruptcy in Australia, could he then leave again for overseas and work offshore.

We explained to Dylan that he would then need the permission from his Trustee in Bankruptcy. We explained that it is normal that a Trustee in Bankruptcy would allow travel overseas for leisure or for work, if he complied with his obligations in bankruptcy. However we stressed to Dylan that he would need the written permission before departing from Australia.

To obtain the written permission it is standard practice to supply the Trustee in Bankruptcy with:-

• reasons for travel whilst bankrupt
• dates of departure and return
• details of the itinerary and any overseas contact details
• particulars about who will fund travel costs whilst bankrupt
• any documentary evidence supporting the request eg confirmation by an employer of the need to travel, confirmation of payment of costs by a third party

We explained to Dylan that the Trustee in Bankruptcy will most likely want to know how the overseas travel will be funded. If you are able to show that the money was reasonably saved whilst bankrupt, then in most circumstances permission should be granted. We did stress to Dylan that permission to travel overseas whilst bankrupt must be assessed on a case by case basis by the Trustee in Bankruptcy and we cannot provide that assurance.

The Trustee in Bankruptcy may refuse consent where the above information hasn’t been provided or the bankrupt has failed to comply with their responsibilities obligations under bankruptcy. Furthermore, we stressed to Dylan that travelling without written consent from the Trustee in Bankruptcy is an offence.

A creditor can only force someone into bankruptcy by applying to the court at the ITSA. The court will look at the request made by the creditor and, if all the conditions have been met, they will issue a bankruptcy notice to the debtor.

This option is meant to be a system of last resort for creditors, and so the process that must be met for someone to force you into bankruptcy is quite detailed.

Initially, a creditor must have obtained a judgemetn against you in the last 6 years for an amount of at least $5000. if this condition is met, the creditor ask the ITSA to issue a bankruptcy notice. This notice will give you 21 days to repay the debt owed to you. If you fail to meet this obligation, the creditor can then make what is called a creditors petition against you. This requires another appointment at the court, and you will have the opportunity to respond in court before the order is made.

At the hearing, if the court decides that you have not fulfilled your obligations and paid the creditor as required by law, the court can make a sequestration order which makes you bankrupt. You will be appointed a trustee and will be forced to lodge a statement of affairs.

If a creditor makes an application against you, we strongly recommend that you speak to a qualified expert. Nobody wants to go through court or have a sequestration order against them, but many people do not know the options available to them that might help them avoid such a difficult situation. At Debt Free, we have been providing debt relief solutions for many years. We can offer you free advice and can help you solve your problems in a stress free way.

Call today on 1800 003 883

In general though, the consequences of declaring bankruptcy will last for a period of at least 3 years. This period can be extended up to 8 years if certain conditions of the bankruptcy are breached.

During your bankruptcy period the following conditions will be in place:

• Borrowing money - you must inform any provider of credit that you are bankrupt if you apply for credit exceeding the statutory threshold. Failing to do so is an offence.
• At work - being bankrupt can affect your ability to hold certain positions or licenses.
• Contact details - you must advise your trustee in bankruptcy of any changes to your name or address
• Travel - You must have written permission from your trustee in bankruptcy before travelling overseas, who can impose written conditions upon that travel. Failure to comply can result in an extension of your bankruptcy and might be an offence

Due to the nature of these conditions, and the serious nature of the decision to declare bankruptcy, we strongly advise that you only seek advice from a registered bankruptcy professional. Make sure will only deal with a bankruptcy professional registered with ITSA.

Advice from Bankruptcy Australia is available on our toll free telephone line 12 hours everyday on 1800 003 883

If it is the first time you have applied for bankruptcy in Australia, you may find the process daunting and you may not know where to start.

At Bankruptcy Australia we make the process straightforward and stress free and as soon as you have provided us with all of the necessary information we can have your application prepared and processed within 2 to 3 weeks or earlier for an urgent application.  We can stop the threatening and stressful phone calls from creditors. We will prepare and process all of the paper work for your bankruptcy application. All you need to do is to  provide us with your personal details and details of the amounts you owe.  If you own any assets you will also need to provide details of these.  We will explain to you if you can keep any of these assets (as some assets are protected in bankruptcy).   It is important that you complete your bankruptcy application carefully and honestly as you can be penalised for not providing all of the necessary information which may result in your bankruptcy being extended.

Bankruptcy Australia is operated by a very respected and fully qualified bankruptcy professional.  Our managing director is a Chartered Accountant and a Registered Trustee in Bankruptcy.

We recommend that you only deal with highly qualified and trained bankruptcy professionals.  Do not deal with companies that are not registered bankruptcy trustees with ITSA.

Whenever you seek personal insolvency advice, make sure you ask the company the following questions:

• do you have a have Registered Trustee in Bankruptcy on staff?
• how are you qualified to provide a complete bankruptcy service?
• what are your bankruptcy qualifications?
• are you qualified to administer my bankruptcy directly?

Advice from Bankruptcy Australia is available on our toll free telephone line 12 hours everyday on 1800 003 883.

All calls are free, entirely confidential and if required, anonymous.

A Trustee in Bankruptcy must declare that they have not had any previous dealings or relationships with the debtor (person to be made bankrupt) and the debtor is not a related party. In practice this declaration is in the form of a Declaration of Independence, Relevant Relations and Indemnities (DIRRI). The Insolvency Practitioner’s Association of Australia has set out the requirements of a DIRRI and has stipulated that it must comprise three components:

A. Declaration of Independence;
B Declaration of Relationships, which includes:

i the circumstances of the appointment;
ii any relationships with the Insolvent and others within the previous 24 months;
iii any prior professional services for the Insolvent within the previous 24 months;
iv that there are no other relationships to declare.

C Declaration of Indemnities and upfront payments.

For the first time the Insolvency Trustee Service Australia has released statistics based on postcodes for 2010/2011. An analysis of post codes in Victoria reveal that bankruptcy hot spots in Victoria recorded nearly half the number of bankruptcy appointments compared to the bankruptcy hot spots in NSW which would suggest certain areas in NSW were more vulnerable to bankruptcies. The worst hit areas were south of Melbourne:

• Botanic Ridge & Cannons Creek surrounds (Post Code 3977) (98 Bankruptcies)

• Frankston & Frankston Heights surrounds (Post Code 3199) (87 Bankruptcies)

• Hoppers Crossing & Tarneit surrounds (Post Code 3029) (67 Bankruptcies)

• Werribee & Cocoroc surrounds (Post Code 3030) (57 Bankruptcies)

• Fountain Gate & Narre Warren surrounds (Post Code 3805) (56 Bankruptcies)

• Belmont & Grovedale surrounds (Post Code 3216) (54 Bankruptcies)

• Ballarat surrounds (Post Code 3350) (53 Bankruptcies)

• Donnybrook & Craigieburn surrounds (Post Code 3064) (53 Bankruptcies)

• Mildura surrounds (Post Code 3500) (52 Bankruptcies)

• Pakenham & Rythdale surrounds (Post Code 3810) (51 Bankruptcies)

• Wodonga surrounds (Post Code 3690) (50 Bankruptcies)

Even some of Melbourne’s more affluent suburbs also experienced bankruptcy appointments with postcode 3142 which includes Toorak and South Yarra had 12 bankruptcy appointments followed by postcode 3101 which includes Kew had 11 bankruptcy appointments. Even post code 3144 which includes Malvern had 5 bankruptcy appointments.

If you are considering bankruptcy in Victoria and would like to seek professional guidance before you file for bankruptcy please call our bankruptcy experts today on 1800 003 883. We are experts at voluntary bankruptcy applications in Victoria.

For the first time the Insolvency Trustee Service Australia has released statistics based on postcodes for 2010/2011. The worst hit areas in Queensland were:

• Bundaberg & Abbotsford surrounds (Post Code 4670) (145 Bankruptcies)

• Gaven & Nerang surrounds (Post Code 4211) (142 Bankruptcies)

• East Toowoomba & Athol surrounds (Post Code 4350) (140 Bankruptcies)

• Southport & Chirn Park surrounds (Post Code 4215) (136 Bankruptcies)

• Hervey Bay surrounds (Post Code 4655) (124 Bankruptcies)

• Beachmere & Caboolture surrounds (Post Code 4510) (117 Bankruptcies)

• Bundall, Isle Of Capri, Main Beach & Surfers Paradise surrounds (Post Code4217) (115 Bankruptcies)

• Coomera & Upper Coomera surrounds (Post Code 4209) (107 Bankruptcies)

• Alberton & Beenleigh surrounds (Post Code 4207) (102 Bankruptcies)

• Ipswich surrounds (Post Code 4305) (95 Bankruptcies)

• Alexandra & Dolphin Heads surrounds (Post Code 4740) (88 Bankruptcies)

Suburbs of the Gold Coast were more heavily hit with bankruptcy appointments in 2010/2011.

If you are considering bankruptcy in Queensland and would like to seek professional guidance before you file for bankruptcy please call our bankruptcy experts today on 1800 003 883. We are experts at voluntary bankruptcy applications in Queensland.

For the first time the Insolvency Trustee Service Australia has released statistics based on postcodes for 2010/2011. An analysis of post codes in NSW reveal that bankruptcy hot spots in NSW. The worst hit areas were in Western Sydney and the Central Coast included:

• Mount Druitt & Minchinbury surrounds (Post Code 2770) (163 Bankruptcies)
• Campbelltown surrounds (Post Code 2560) (146 Bankruptcies)
• Liverpool & Casula surrounds (Post Code 2170) (144 Bankruptcies)
• Penrith & Emu Plains surrounds (Post Code 2750) (93 Bankruptcies)
• Girraween & Greystanes surrounds (Post Code 2145) (87 Bankruptcies)
• Blacktown & Prospect surrounds (Post Code 2148) (79 Bankruptcies)
• Merrylands (Post Code 2160) (73 Bankruptcies)
• Bankstown & Condell Park (Post Code 2200) (69 Bankruptcies)
• Bossely Park &  Abbotsbury (Post Code 2176) (67 Bankruptcies)
• Central Coast district (Post Codes 2250 & 2261) (211 Bankruptcies)

Even some of Sydney’s more affluent suburbs also experienced bankruptcy appointments with postcode 2088 which includes Mosman and Spit Junction had 22 bankruptcy appointments followed by postcode 2030 which includes Dover Heights and Vaucluse had 19 bankruptcy appointments.

If you are considering bankruptcy in NSW and would like to seek professional guidance before you file for bankruptcy please call our bankruptcy experts 12 on 1800 003 883. We are experts at voluntary bankruptcy applications in NSW.

Bankruptcy Meetings are usually called by the Trustee in Bankruptcy who administers the bankrupt estate. The Bankruptcy Act stipulates very strict rules and procedures for meetings of creditors. A Bankruptcy meeting will be controlled by a meeting president and the meeting dialogue will be documented by a  minute secretary.  The minutes secretary will prepare and sign minutes of the meeting.  Both the President (the person who runs and controls the meeting) and the Minute Secretary need to be appointed by the creditors. Usually the Trustee in Bankruptcy is appointed as the meeting President, however, creditors can appoint an independent person top act as the meeting President.

When are Meetings of Creditors held?

Meetings are usually held for more complex bankrupt estates. A Trustee in Bankruptcy may call a meeting of creditors to discuss the progress of the estate and to have creditors consider and pass any necessary resolutions.  For example if a Trustee in Bankruptcy was considering to commence complex litigation, the Trustee in Bankruptcy may consider calling a meeting of creditors to obtain the views of creditors.  It is important to note however, the whilst the Trustee in Bankruptcy will in most cases consider the views of creditors, the Trustee in Bankruptcy does not need to follow the decision of creditors.

Can creditors call a meeting of creditors?

If creditors either individually or collectively wish to call a meeting of creditors and have 25% of the total claims then they can request that the Trustee in Bankruptcy call the meeting. If creditors who hold less than 25% of the votes wish to call a meeting of creditors then they will need to pay the trustee for the cost of holding the meeting (Section 64(1) of the Bankruptcy Act).