Bankruptcy services

Technology Business Advice




Bankruptcy Services



A person is eligible to propose a Debt Agreement if they:

Our Registered Trustees have offices in Brisbane, Canberra, Melbourne, Perth, Sydney and Wagga Wagga.

The objectives of the Bankruptcy Act 1966 (“the Act”) include:

  • The release of debtors from their provable debts
  • The pooling of divisible property to meet the costs of the administration and repayment of debts in full or in part
  • To provide alternatives to bankruptcy
  • The administration of the Income Contribution regime which affects bankrupts whose after tax income is greater than the threshold amounts
  • Limiting commercial activities by bankrupts and debtors during the period of bankruptcy or before the terms of a PIA are fulfilled
  • The prosecution of offences arising before, during and after bankruptcy and in relation to Debt Agreements and PIA’s

KEY CONTACT

Greg Dudley
National Head of Restructuring & Recovery

T: +61 8 9261 9271
[email protected]



How can we help you?

RSM offers Safe Harbour strategies

Having a failing business is mentally tough

12 July 2021
This month Andrew Bowcher, an RSM Partner based in Wagga Wagga, shares his personal experience of working with people who are facing potential bankruptcy. After nearly 20 years with RSM, he has worked with a lot of clients and heard a lot of personal stories.

How bankruptcy impacts property, employment, income and your superannuation

17 May 2021
The following table is an overview, in general terms, of the common examples of property retained by a bankrupt and available to a bankruptcy trustee based on the provisions of the Bankruptcy Act, 1966 and the various currently prescribed statutory limits, which are subject to change.

What’s a debt restructuring plan?

9 April 2021
The Australian Government introduced legislation that commenced on 1 January 2021 offering new avenues for small businesses facing insolvency (cannot pay their debts).

Do you qualify for the Small Business Restructuring process?

29 March 2021
Do you qualify for the Small Business Restructuring process? Small businesses in financial distress are now able to access a simplified debt restructuring process if they are eligible.

RSM Asset Protection Series: The family home

15 February 2021
When a business or other venture fails, the primary concern many people have is their level of personal liability. Mainly, “How much am I personally liable for, and will it impact my family?”.

Superannuation & Bankruptcy - all you need to know

5 February 2021
An individual’s superannuation is generally considered to be somewhat of a safe haven when contemplating asset protection, financial risk management, and the implications of bankruptcy.

Government’s small business insolvency reforms

11 December 2020
In late September, the government announced potential changes to Australia’s insolvency framework and subsequent amendments to the Corporations Act 2001.

Proposed Insolvency Reforms for Small Businesses

1 October 2020
On 24 September 2020, Treasurer Josh Frydenberg announced significant insolvency reforms to commence on 1 January 2021 (subject to legislation).

5 elements to a successful not-for-profit amalgamation or merger

26 August 2020
One of the first sectors to bear the brunt of an economic downturn is the not-for-profit sector which is resulting in many considering an amalgamation or merger. Reliance on community services increases, yet funding and donations can be hard to come by and higher poverty rates affect customers’ ability to pay for services. 

COVID-19 and the impact on insolvencies

12 August 2020
Last week the government announced a new and more targeted extension to the stimulus spending supporting organisations in Australia that remain affected by COVID-19.

Insolvency Reform Edition 21 | Is it time for radical restructuring reform?

31 March 2020
The reckoning - A Black Swan event in the form of a pandemic will test the capacity of personal and corporate insolvency regimes to deal with the impact of the pandemic on the financial position of individuals, corporations and incorporated associations.

Family Law Property Settlements – potential impact of COVID-19

30 March 2020
Valuations for Family Law property settlements. Valuations are prepared as at a specific date based on circumstances and financial information known at that point, so it’s possible that valuations prepared a month ago or more may no longer be relevant - particularly for sectors which have been impacted more severely than others b

How a bank may decide to lend your business money

15 January 2020
When you have a great business idea or want to expand an existing business, a loan can make all the difference in realising your dream. You may choose to seek credit from a bank over an investor or another private lender because they:

What your bank may do when you can’t pay a business debt

15 January 2020
The day you walked into your bank and asked them to fund new equipment or supplies for your start up or company expansion, you probably never dreamed a time would come when you couldn’t pay it back.

Voluntary bankruptcy: is it your best option?

4 December 2019
Finding yourself struggling under the weight of insurmountable debt is not something most people plan for in life.

Life during bankruptcy: is it really that bad?

3 December 2019
Fear of the unknown is undoubtedly stressful, but for someone facing bankruptcy, that fear can be debilitating.

Insolvency Reform Edition 20 | Is this enough?

31 October 2019
Insolvency inquiry focused on small business Despite the growing chorus of those calling for a root and branch review of insolvency law and practice the Government is funding a narrowly focused inquiry by the Australian Small Business and Family Enterprise Ombudsman (“ASBFEO”), Kate Carnell.

Sign up for an Asset Protection event near you

8 September 2019
Imagine losing all of your assets in one fell swoop – house, cars, savings… the lot. Insurance can never protect against every scenario, but asset protection can try. 

Directors now immediately liable for overdue superannuation amounts

5 September 2019
From April 1st 2019, directors may be held personally liable for overdue superannuation from the moment it becomes overdue.

Tips to avoid failure for small business - Part 2

24 November 2017
In Part 2 of this series, we provide some key advice for reducing debt risks for small business owners.

RSM expands Restructuring & Recovery division into Queensland

30 June 2017
RSM Australia has announced the expansion of its Queensland operations to include a Restructuring and Recovery practice, led by Mitchell Herrett.

Directors and creditors take note: Changes to the claw-back rules

28 June 2017
In a liquidation, a liquidator has the right to take back property or money that the debtor improperly gave away before the liquidator was appointed.

Insolvency: What does it really mean?

21 March 2017
Most directors should be aware that they may be made personally liable for any unpaid debt their company incurs while it is insolvent. In February’s newsletter, we gave an introduction to insolvency as well as some tips on how to avoid it.

Insolvent Trading: What it is and how to avoid it

15 February 2017
To remain viable, any company needs to ensure that it is able to meet its debts when they are due, and to allow enough working capital for future financial obligations. Once a company can not pay its debts as and when they fall due, it is said to be insolvent.

Personal Insolvencies on the Rise

14 December 2016
In a sign of the challenging economic circumstances that face certain industries and geographic areas throughout Australia the number of personal insolvencies in Australia has risen by 4.4% in 2015 / 16 as compared to 2014 / 15. This is the first increase in formal personal insolvencies since the Global Financial Crisis.

Resources Slowdown – coming to a business near you

24 May 2016
We are reminded daily of the effects of declining investment in mining construction and the collapse in commodity prices on the Australian economy.

Insolvency reform edition 7 - May 2016

10 May 2016
The government’s proposals paper The government has released its proposals paper titled Improving bankruptcy and insolvency laws.

Insolvency reform edition 5 - March 2016

29 March 2016
A step too far? The government’s proposal to reduce the term of bankruptcy from three years to one year has been the subject of recent debate. This proposal forms part of the government’s National Innovation & Science Agenda.

Insolvency reform edition 3 - January 2016

18 January 2016
The ugly duckling and the swan

Secured creditor’s right of subrogation confirmed

3 December 2015
A recent decision in the Federal Court has confirmed that when a secured creditor has paid outstanding employee entitlements from the realisation of circulating assets, they have the right to subrogate into the position of employees and receive any dividends paid.

Challenging times in the not-for-profit sector

15 October 2015
Increased costs of compliance, changing government priorities, high administration costs are just some of the challenges which are being faced by the not-for-profit sector.