Our Bankruptcy Team (or Personal Insolvency Team) offers a comprehensive range of services to address the challenges faced by individuals, creditors and organisations. Our experienced team understands that no two situations are the same, and we provide solutions to assist both individuals and creditors in the most challenging financial situations.
We provide advice and solutions to both creditors and individuals and we have a strong track record in assisting our clients in all matters relating to bankruptcy. Bankruptcy is a legal process that provides protection to individuals who are unable to repay their debts or reach a suitable arrangement with their creditors. Once the act of bankruptcy has occurred, there are obligations and restrictions imposed on that individual.
Finding yourself in a position of considering whether or not to declare bankruptcy can be a stressful and humbling experience. It is a serious and consequential decision that can have long-reaching implications for your financial future or options.
At Hamilton Murphy we provide tailored bankruptcy advice to Melbourne-based clients who are weighing up what course of action is debt to deal with their growing debt.
For all enquiries, simply call our offices today.
Whether you or your business is facing the prospect of declaring bankruptcy, it is crucial to seek out professional and qualified advice that is specific to your situation. That is why clients turn to the staff here at Hamilton Murphy.
Our firm’s Partners, Steve Dixon and Richard Rohrt, are the first and third rated insolvency practitioners in Victoria respectively, meaning clients across the country can be sure they are dealing with a skilled and respected team who can tackle any case.
For sought-after bankruptcy advice, Perth clients know to call our staff.
Hamilton Murphy is proud to be the highest rated insolvency firm in Victoria, and thirteenth nationally, with our compassionate staff providing services and solutions to all clients.
We will walk you through the various stages and processes involved with filing for bankruptcy, allowing you to better weigh your options and ensure that you fully understand the consequences and long-term implications that may follow.
Call us today for proven bankruptcy advice in Sydney.
The staff here at Hamilton Murphy work closely with each of our clients, providing the kind of one-on-one services and assistance that you simply won’t find at larger firms.
We understand that each client comes to us with a different set of circumstances and are often worried about the state of their immediate and long-term financial future. That is why we work hard to provide a welcoming and calm space for them in our offices, helping to remove at least one element of stress from what can be a very taxing process.
See why we’re the go-to name for bankruptcy advice in Melbourne, Sydney, Brisbane and Perth by calling our staff today.
There are few things worse than facing financial insecurity, whether it is related to your personal income or business. It can be easier than we would like for debts to pile up to a point where we can no longer afford to pay them, while still having to contend with our usual day-to-day expenses.
That is why the staff here at Hamilton Murphy know how important it is to provide targeted and reliable advice on all bankruptcy matters, guiding our clients through the process and helping them reach an informed decision.
To speak with our team regarding our work in bankruptcy advice, Sydney, Perth, Brisbane and Melbourne-based clients simply have to get in touch with us today.
Trustee in Bankruptcy
Melbourne, Perth, Brisbane, Sydney
A wealth of experience
We are now one of Australia's leading insolvency firms
Bankruptcy is a legal process where a trustee is appointed to administer an insolvent person’s affairs in order to provide a fair distribution of the person’s assets to their creditors. The Bankruptcy Act 1966 is in place to protect debtors (ie. the bankrupt) and any creditors. The debtor is protected from being pursued by any creditors and, with certain limited exceptions, is then released from their debts at the end of the bankruptcy period. The personal bankruptcy regime also protects creditors’ interests by having an independent, qualified accountant control and investigate the bankrupt’s affairs and collect and distribute any personal assets of the bankrupt (subject to certain criteria). Bankruptcy provides a clear path for the debtor to make a fresh start. There were over 20,700 people who went bankrupt in Australia during FY19/20. Although this was a decrease from the previous financial year, overall this was a 3% increase year on year.
If a creditor is unable to recover a debt over $5,000 from an individual through ordinary means, an application can be made to court to declare the individual bankrupt. Creditors can be individual creditors or a group acting as joint creditors. The total amount of the unpaid debt must not be less than $5,000, which could include small creditors acting jointly. Secured creditors cannot present a creditor’s petition, unless to the extent that the amount owed exceeds the relevant security. Alternatively, if the secured creditor surrenders its security to the trustee in bankruptcy, the secured creditor can participate in the joint creditor’s petition.
A personal insolvency agreement (also known as Part X) is a formal arrangement for a debtor to deal with their creditors by making a proposal in satisfaction of their debts. This option can be feasible for a debtor that does not meet the eligibility requirements of a debt agreement because their assets and liabilities are considered too great. The arrangement is flexible and the terms may be negotiated between the individual and creditors. This option is an alternative to bankruptcy and can be an appropriate option if professional advice is sought early.
A proposal pursuant to Section 73 of the Bankruptcy Act 1966 is a formal agreement between a bankrupt, creditors and the Trustee that monitors the agreement. If creditors accept the Section 73 proposal, the bankruptcy is annulled and it is as though the bankruptcy never occurred. Under a Section 73 Proposal, the bankrupt is released from the restrictions of remaining in bankruptcy. They are released from their debts and their property revests in them (unless it is dealt with in the Section 73 Proposal). In return, creditors would expect to be offered a higher return than they would have received in the bankruptcy.
Hamilton Murphy can act as the independent party that conducts the investigations and administers the deceased estate under Part XI of the Bankruptcy Act. We are experienced in enabling the distribution of an insolvent deceased estate’s assets whilst managing any issues which may arise in a sensitive manor.