Personal Insolvency
Personal Insolvency
Personal insolvency affects individuals, sole traders and company directors who have guaranteed business debts. The guides below explain bankruptcy, debt agreements and the alternatives, so you can understand the consequences of each path and choose the one that gives you the cleanest fresh start.
What is Bankruptcy? Your Comprehensive Guide
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Bankruptcy vs. Debt Agreement: Key Differences Explained
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Is the ATO going to chase me personally for the company’s debt?
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Liquidation vs. Bankruptcy in Australia
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Understanding ATO Business Payment Plans
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Understanding Insolvency: A Comprehensive Guide for Navigating Financial Distress
Navigating the complex world of insolvency can be intimidating, especially when financial distress looms large. Yet, understanding insolvency and its various aspects is essential for individuals and businesses to effectively address their financial challenges. This comprehensive guide will provide valuable insights into insolvency, its types, legal frameworks, and stra... Continue reading Understanding Insolvency: A Comprehensive Guide for Navigating Financial Distress
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Navigating the rising tide of business-related Personal Insolvencies: A Call to Action
The business landscape, particularly in Australia, is experiencing a significant rise in personal insolvencies, affecting many entrepreneurs whose personal finances are intertwined with their business ventures. The latest snapshot by the Australian Financial Security Authority (AFSA) revealed 901 new personal insolvencies recorded in June, with a quarter being business... Continue reading Navigating the rising tide of business-related Personal Insolvencies: A Call to Action
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Mackay Goodwin appoints new Bankruptcy Trustee
Mackay Goodwin, one of Australia’s leading insolvency and advisory firms, has appointed Gavin King as a Bankruptcy Trustee. Gavin brings an impressive 15-years of experience in accounting, bankruptcy, and corporate insolvency to the role. CEO of Mackay Goodwin, Domenic Calabretta, warmly welcomes the appointment.... Continue reading Mackay Goodwin appoints new Bankruptcy Trustee
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How Does Bankruptcy Work in Australia?
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Cryptocurrency and NFTs: When in Bankruptcy
Have you ever wondered what happens once cryptocurrency and NFTs are involved in bankruptcy? Together with MG Academy’s Domenic Calabretta and our registered Trustee, Thyge Trafford-Jones, we have teamed up with Macmillan Lawyers and Advisors Principal, Kyle Macmillan to discuss the roles cryptocurrency and NFTs play during Bankruptcy.... Continue reading Cryptocurrency and NFTs: When in Bankruptcy
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Debt Agreements
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How to Avoid Company Bankruptcy or Liquidation
Sometimes, a company bankruptcy or liquidation is simply inevitable. Perhaps the company had a product that exploded in popularity, only to prove to be a fad, and it struggled to find the next new thing to move to. Perhaps a downward turn in the macro economy meant belt-tightening hit the company’s sector hard, and it wasn’t able to pay the bills. Company bankruptcy is... Continue reading How to Avoid Company Bankruptcy or Liquidation
Read MoreUnderstanding your options
Bankruptcy is not the only answer. Debt agreements and informal arrangements can protect assets and income while resolving what you owe. Understanding the differences — and the timing — is the key to the best outcome. Our personal insolvency team can walk you through each option confidentially.
How to Thrive
The 3-step business recovery process to get your business on the front foot again.