DON'T COMMIT AN OFFENCE WHILST BANKRUPT.
Be careful not to inadvertently commit an offence whilst you are bankrupt.
this could lead to your bankruptcy being extended for up to 5 to 8 years and in some cases can lead to a prison sentence and or a fine.
Be aware of some offences described in the Bankruptcy Act.
-failing to inform your trustee of your current address.
-failing to fully disclose all assets and liabilities in your Statement of Affairs.
-concealment of property.
-refusal to provide information to your trustee.
-failing to attend court when summonsed.
-swearing a false affidavit.
-disposal of an asset or creation of a charge over an asset whilst bankrupt.
-provides a false declaration whilst bankrupt.
-engaging hazardous gambling 2 years proceeding bankruptcy.
-left Australian without permission to defeat creditors.
-failing to maintain proper books and records whilst bankrupt.
-obtaining credit over the prescribed value without disclosing your bankrupt status.
Then the trustee is aware of an offence must report to the ITSA, who may in turn refer the matter to the Director of Public Prosecution. Certain offences can carry prison sentences.
Announcing bankruptcy is generally a complicated issue. Where should one commence? What forms of bankruptcy must a person apply for? How will the up to date bankruptcy laws influence an individual's case? What will be the final results of a bankruptcy filing? You only have one shot, therefore it's truly crucial that you've it perfect at the very first try. This truly is why deciding upon the appropriate bankruptcy lawyers
ReplyDeleteis essential.
Hi Camilyn
ReplyDeleteBankruptcy is very complicated indeed. In every case it is essential to get competent advise.
-a Bankruptcy lawyer is one option.
I feel a lawyer would be expensive and not my personnel first choice of action.
For the person with household debt and/or a small business, my first avenue would be:
-your accountant or debt management advisor.
-a bankruptcy lawyer may have to come into play with complicated business dealings.
eg. business partnership agreements and/or where there is a difference of opinion between partners. Then it is crucial to get it right.
I am sure you can enlighten readers of my blog to other reasons why it's appropriate to require the services of a bankruptcy lawyer.
I welcome your advise.