Personal Insolvency

Know your pathways to financial freedom.

Start Afresh

Understand your options and take the first step toward financial freedom with expert support.

Alleviate Stress

Experiencing debt is overwhelming. We’ll provide real solutions, breathing room, and a chance to reset.

Get Expert Advice

With 20+ years of experience, our in-house registered trustee will guide you through every step of the process.

Take Control of Personal Debt

Struggling to keep up with personal debt? You’re not alone. Over 20,000 Australians access personal insolvency solutions each year.

There are formal pathways available under the Bankruptcy Act 1966 to help you regain control and move toward financial recovery.

For further information, speak to our insolvency experts.

How Personal Insolvency Can Solve Your Debt Problems

If you’re facing mounting debts, creditor pressure, or financial stress, a personal insolvency agreement can offer a clear path forward. Our expert practitioners work with you to create a realistic, tailored solution that supports recovery and long-term stability.

Our Personal Insolvency Solutions

Bankruptcy

Bankruptcy is a legal process for individuals who are unable to repay debts. By lodging a Statement of Affairs, you formally declare yourself personally insolvent. A registered trustee will manage your debtor’s property, handle creditor communications, and oversee the fair sale of assets to repay debts. Bankruptcy typically lasts three years and offers the opportunity for a fresh financial start.

Personal Insolvency Agreements

A Personal Insolvency Agreement is a legally binding way to settle debts without going bankrupt. It offers flexible repayment options - such as lump sums, asset transfers, or instalments - tailored to your situation. A registered trustee manages the process and negotiations, making PIAs suitable for larger or more complex debts.

Our Personal Insolvency Process

1

Initial Assessment

We evaluate your financial position and explore all available options.

2

Tailored Proposal

A personalised plan is created to consolidate debts and negotiate with creditors.

3

Implementation

Once approved, the plan is put into action, protecting your assets and stabilising your finances.

4

Ongoing Support

We provide guidance every step of the way to ensure a successful resolution.

Why Choose Mackay Goodwin?

At Mackay Goodwin, we are committed to providing compassionate, professional support tailored to your needs. Here’s what makes us the trusted choice for both personal and corporate insolvency services:

Experienced Practitioners

Our team of accredited personal insolvency practitioners brings decades of experience to help individuals navigate complex financial situations.

Tailored Advice

Every financial challenge is unique. We create personalised strategies that align with your goals and circumstances, offering the best chance for recovery.

Comprehensive Support

We provide a full suite of solutions to address every aspect of financial distress. Our services include:

Timely Action

We understand the urgency of debt challenges and act quickly to implement solutions that protect your assets and ease your financial burden.

Businesses We Helped Bounce Back

85% debt reduction restores profitability

When an electronic security company in Brisbane was experiencing difficulty with their cash flow, Mackay Goodwin stepped in to help. With clients ranging from small boutiques to international mega-corporations, an 85% reduction in debt got the company through a major trading and cash flow problem.

DOCA rescues Adelaide developer from legal deadlock

When an Adelaide building development corporation found itself in a lengthy and protracted legal dispute over a costly project, it found itself unable to trade out the heavy losses it had incurred as a result of the deal. Thanks to a DOCA, restructuring and dispute resolution managed by Mackay Goodwin, the corporation continues to trade today.

Earthmoving firm digs out of $280K ATO debt

When a Melbourne-based earthmoving firm contacted Mackay Goodwin about their financial difficulties, they had already built up a $280,000 backlog with the Australian Taxation Office (ATO). Thanks to the advice and actionable solutions of our experts, the firm saw a 75% reduction in tax debt, and it got this earthmoving corporation moving again.

Ready to Recover?

Don’t wait for financial pressures to worsen. Contact Mackay Goodwin’s experienced personal insolvency practitioners today for a free consultation.

We’ll help you explore your options and create a clear path to recovery. Taking action now can protect your assets, ease stress, and give you the confidence to move forward.

Meet our insolvency experts

Gavin KingGavin King hover

Gavin King

Director, ASIC Registered Liquidator & AFSA Registered Bankruptcy TrusteeSydney

Gavin King is a seasoned business advisor and insolvency expert with extensive experience in corporate restructuring and turnaround management. Over the course of his career, Gavin has helped numerous businesses navigate complex financial challenges, providing tailored solutions that maximise stakeholder value. Specialising in insolvency administration, he brings a hands-on approach to managing voluntary administrations, liquidations, and corporate workouts. With a proven track record of leading successful recovery processes, Gavin leverages his deep industry knowledge to guide businesses through periods of distress, ensuring they emerge stronger and more resilient.

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Edwin NarayanEdwin Narayan hover

Edwin Narayan

Director & ASIC Registered LiquidatorSydney

Edwin is a valuable member of the senior Mackay Goodwin team, with a huge amount of expertise and experience in running a range of different Deed of Company Arrangement proposals, for Administrations across a diverse range of industry sectors, and in all states across Australia.

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Grahame WardGrahame Ward hover

Grahame Ward

Director & ASIC Registered Liquidator

Grahame Ward is a Registered Liquidator and Administrator with expertise in industries like property, tourism, transport, hospitality, and manufacturing. Since 1996, he has specialised in corporate and personal insolvency, reorganisation, restructuring, and crisis management. As a Chartered Accountant and Official Liquidator, Grahame is known for delivering timely and practical advice, especially in complex insolvency matters. He is actively involved in professional development through ARITA, sharing his knowledge as a workshop leader. Grahame is committed to achieving positive outcomes for stakeholders, offering reliable support during challenging financial situations.

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David HurstDavid Hurst hover

David Hurst

Director & ASIC Registered LiquidatorSydney

David has a wealth of experience across receiverships, voluntary administrations and liquidations together with restructuring and turnaround engagements. Growing up in Bathurst, NSW, David’s interest in agriculture and passion for motorsport translates to his hands-on approach in the insolvency industry. Taking upon a broad range of appointments, David provides a thorough analysis of the current situations his clients are facing and provides the best possible outcome for them and other stakeholders. David’s experience allows him to draw on a broad range of prior appointments and their unique nature to facilitate the survival of a business where possible by using achievable arrangements.

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Mitch BallMitch Ball hover

Mitch Ball

Chief of Insolvency Operations & ASIC Registered LiquidatorSydney

Mitchell has 20 years’ experience in corporate insolvency and restructure. Mitchell is a Registered Liquidator having working on many types of corporate appointments. He has managed complex liquidations and voluntary administrations in numerous industries with expertise in property, finance, manufacturing, IT and building and constructions. Mitchell brings value to appointments from start to finish, from marketing and having initial contact with clients to achieving exceptional outcomes.

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Andrew Quinn

Andrew Quinn

Director & ASIC Registered LiquidatorBrisbane

Andrew Quinn is a seasoned professional in the insolvency and restructuring industry, serving as a Director at Mackay Goodwin. With a deep understanding of complex financial challenges, Andrew has guided numerous businesses through voluntary administrations, liquidations, and corporate restructurings. His industry experience spans across sectors including construction, hospitality, and professional services, providing him with a diverse skill set to address each client’s unique needs.

Andrew’s strategic approach focuses on achieving the best possible outcomes for all stakeholders while navigating businesses through periods of financial adversity. His commitment to providing tailored solutions ensures that businesses receive the support they need to recover and thrive in challenging times.

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FAQs

Personal insolvency refers to formal legal solutions available to insolvent debtors, i.e. individuals who can no longer pay their debts as they fall due. Options include:

These arrangements provide a structured way to manage or eliminate debt, giving you relief from creditor pressure and a chance to rebuild. PIAs, bankruptcy and debt agreements differ in many ways and it’s important to understand how each solution works.

A proposed personal insolvency agreement (PIA) is a legally binding arrangement between a debtor and their creditors. With the help of a controlling trustee, you’ll put forward a repayment offer, which may involve lump sums or regular payments from your income contributions. If a special resolution of creditors accepts the agreement, it avoids bankruptcy and offers a fair distribution of your debtor’s property.

The Australian Financial Security Authority (AFSA) is the government body responsible for regulating personal insolvency. It administers the National Personal Insolvency Index (NPII), a public record of all insolvency proceedings, including debtor's petitions, creditor's petitions, and personal insolvency agreements.

Yes, entering into a PIA or debt agreement proposal will affect your credit rating. Your insolvency will also be listed on the National Personal Insolvency Index, which can be accessed by lenders, landlords, and other parties. However, resolving unmanageable debt problems through a formal process can be a vital step toward financial recovery.

An informal debt agreement is a personalised payment plan between you and your creditors to help manage and repay your debts. It is not a legally binding agreement and you won’t be listed on the National Personal Insolvency Register. Entering an informal debt agreement means that the interest is frozen and your debt will be paid off between 3-5 years. There are no restrictions on your income, travel, homeowner status or being a director of a company.

How does it work?

Discover how to enter into an informal debt agreement in four simple steps:

  1. Book a Free Consultation: We’ll assess your situation and confirm if an informal agreement is right for you.
  2. Review Your Finances: Together, we’ll determine what repayments are realistically affordable.
  3. Negotiate with Creditors: We’ll place your accounts on hold for 6 months while we negotiate directly with creditors.
  4. Finalise Your Agreement: Our team will secure terms that match your financial situation and ensure the repayments work for you.

A sequestration order is a court order that makes an individual officially bankrupt. It usually follows a bankruptcy notice issued by a creditor when a debt remains unpaid. Once made, the official receiver or trustee will take control of your financial affairs to ensure a fair distribution of assets to creditors.

Get in touch

Speak to one of our experts now for a free consultation. Enter your details below or call 02 8001 6520.