Bankruptcy in Australia is administered and regulated by both the Insolvency and Trustee Service Australia (ITSA) and the Australian Securities and Investments Commission (ASIC) in accordance with the Bankruptcy Act and the Corporation Act respectively.
When debts - either individual or corporate - spiral, debtors may opt for voluntary bankruptcy.
According to bankruptcy laws, at the time of petitioning for bankruptcy you must be based in or are otherwise connected to Australia (for example, you may be invested in a business operating here.
For creditors, applying to the court for a debtor to be made bankrupt is one option if other attempts to recoup money have proved fruitless and if a debt agreement could not be reached.
Declaring bankruptcy is a decision that should not be taken undertaken lightly by either camps. The financial ramifications are lengthy. In addition to the bankruptcy itself typically lasting for three years (in some cases longer), it will also be listed permanently on the National Personal Insolvency Index (NPII).
Business Credit Express offers its clients a world-class Bankruptcy Search. It offers a quick, easy way to track an individual's bankruptcy status. The final Bankruptcy Search report includes key information such as occupation or business details, administration numbers, type of order, dates of bankruptcy, date of entry on the NPII, trustee details, petitioning creditors' and solicitors' names, and court reference.
An individual or business may be able to avoid unwittingly entering into a new business association or scheme with someone with a history of bankruptcy simply by requesting a Business Credit Express Bankruptcy Search report. Our Bankruptcy Search report is available to purchase online, as are all of our first-rate products.
If you would like more information on any of our reports before you buy, please don't hesitate to contact a member of our customer service team on 1300 921 621 or email firstname.lastname@example.org.