The Liquidation and Bankruptcy Experts
Corporate Insolvency
| Time Frames to Initiate: | |
| Creditors’ Voluntary Liquidation | Immediate |
| Members’ Voluntary Liquidation | 7 days |
| Voluntary Administration | Immediate |
| Deed of Company Arrangement (subject to approval by your creditors) |
25 business days approx. |
| Technical Fact Sheets: | |
| Director Penalty Notices PDF (61kb) |  |
| Insolvent Trading PDF (88kb) | |
Personal Insolvency
| Time Frames to Initiate: | |
| Bankruptcy – declare yourself bankrupt | Immediate |
| Personal Insolvency Agreement (subject to approval by your creditors) |
25 business days approx. |
| Asset Allowances (if made bankrupt): | |
| A bankrupt may hold the following assets up to the prescribed limits: | |
| Motor Vehicle | up to $7,050 |
| Superannuation | up to reasonable benefit limit |
| Tools of Trade | up to $3,500 |
| Income Contributions: | |
| Use our compulsory income contribution calculator to see if you would be liable for contributions if made bankrupt |  |
