Bankruptcy information in Australia is based on the Bankruptcy Act, regulated by the Insolvency and Trustee Service Australia (ITSA) and the Corporation Act, regulated by the Australian Securities and Investments Commission (ASIC).
According to the ITSA, some 24,000 bankruptcies and 8,000 corporate administrations occur in Australia each year, directly impacting around 400,000 people.
Many debtors reach a point where they feel that no amount of repayment negotiations will enable them to regain their financial footing. Voluntary bankruptcy is one option available.
Similarly, creditors who've spent time, money and resources chasing late payments can apply to the court to have a debtor declared bankrupt in an effort to recoup a portion of the sum owed.
If you or your business fits in either of these camps, it's important that you equip yourself with bankruptcy information before making any decisions - like entering into insolvency or a debt agreement - that could have significant financial ramifications for years to come. Typically, bankruptcy lasts for three years. However, in some circumstances it can be extended.
A history of bankruptcy will appear on the National Personal Insolvency Index. It's here that Business Credit Express will look when conducting an individual Bankruptcy Search.
Our Business Credit Express Bankruptcy Search credit report comprises of key information on 17 datasets including:
- Date of Birth
- Date of Death
- Address
- Occupation or Business Details
- Administration Numbers
- Type of Order
- Dates of Bankruptcy
- Date of Entry on the NPII
- Trustee
- Administration
- Petitioning Creditor's & Solicitors Names
- Court Reference
- Dates and Hearing Results
In an effort to avoid having to take a debtor to court to have them declared bankrupt, Business Credit Express recommends assessing new businesses, schemes and projects before you enter into a contractual agreement.
Each of our credit reports, including the Bankruptcy Search, is available to purchase online. If you would like more details pre-purchase, please call 1300 921 621 or email subscriber.assist@veda.com.au.
Bankruptcy in Australia
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.
Bankruptcy NSW
The laws applied to bankruptcy NSW are based on the federal Bankruptcy Act and the Corporation Act - administered and regulated by the Insolvency and Trustee Service Australia (ITSA) and the Australian Securities and Investments Commission (ASIC) respectively.
Bankruptcy QLD
Bankruptcy QLD follows the rules and regulations outlined in both the Insolvency and Trustee Service Australia's (ITSA) Bankruptcy Act and the Australian Securities and Investments Commission's Corporation Act.
Bankruptcy SA
Unknowingly associating with companies or individuals that have a history of insolvency could have serious ramifications for your own business.
Bankruptcy Register
The Insolvency and Trustee Service Australia (ITSA) is the government body in charge of overseeing the bankruptcy process nationally. It manages the National Personal Insolvency Index (NPII), the national bankruptcy register.
Bankruptcy Act
The Bankruptcy Act 1966 applies Australia wide. It is overseen by the Insolvency and Trustee Service Australia (ITSA).
Bankruptcy Laws
For company owners, it's important to stay abreast of bankruptcy laws and how they could potentially impact your business.
Bankruptcy Law
Savvy professionals must stay abreast of bankruptcy law and potential ramifications for your business should you wish to employ or enter into an agreement with an individual with a history of insolvency.
Bankruptcy Records
Bankruptcy records in Australia are catalogued according to the Bankruptcy Act, which in turn is overseen by the Insolvency and Trustee Service Australia (ITSA), a government body.
Bankruptcy Court
An Australian bankruptcy court includes the Federal Court or the Federal Magistrates Court. Both apply the same rules, forms and procedures to bankruptcy cases, however, the majority are heard by the Federal Magistrates Court.
Bankruptcy WA
Declaring bankruptcy WA is a measure that should not be undertaken lightly. For both individuals and corporations, bankruptcy WA imposes significant professional limitations.
