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When are creditors notified of my bankruptcy?

The Trustee will contact all creditors listed on the Statement of Affairs as soon as possible after the declaration of bankruptcy.

Borrowing Money

When you are borrowing money, purchasing goods on credit or incurring credit in any way, it is an offence to borrow over a set limit* unless you inform the person you are dealing with that you are an undischarged bankrupt. For limit see Current Amounts

Operating a Business

You can still operate a business while bankrupt. If you trade under an assumed name or business name either as a sole trader or in partnership, you have to disclose to all, your bankrupt status. You cannot be a director of a company or be involved in its management without the permission of the Court. (Corporations Law).

Change of Name, Address and Overseas Travel

You are required to notify your trustee of all changes of name and/or address. If you wish to travel overseas you must obtain the permission of the court if you are required to make compulsory contributions otherwise you require the written approval of the trustee administering your estate.

Frequently Asked Questions