BANKRUPTCY THRESHOLD-LIMITS

CURRENT AS OF 20TH SEPTEMBER 2010.

PART 3 OF 3

A person who attends before the Official Receiver or authorised officer to give evidence or information is entitled to $21.00.

Where a person is required to attend before the Official Receiver the Official Receiver must offer the following advances on allowances and reimbursement of expenses before a person begins travelling by aircraft or private motor vehicle is $21.00 other transport $10.00.

UNSECURED DEBTS AND ASSETS:

A person cannot propose a Debt Agreement if their unsecured debts and/or divisible property are more than $90,326.60.

A person cannot propose a Debt Agreement if their after tax income for the year is more than $67,744.95.

Registered Trustee Minimum Fee Entitlement is $1593. Trustees are paid for administering a bankruptcy. They may recover this minimum fee if they do not receive enough from the sale of the bankrupt;s assets or income contributions.

Extent of Priority for Employee Amounts. is $4000.
If an employee is owed money by a bankrupt, they are entitled to receive payment of any dividends issued in preference to those issued to other unsecured creditors.