If you are looking for an insolvency lawyer or bankruptcy lawyer in Sydney, Breene & Breene offers expert advice and representation in all bankruptcy notice matters.
What is a bankruptcy notice?
A bankruptcy notice is a method of enforcing a judgment debt for money that is due and payable by an individual. The bankruptcy notice is issued under the Bankruptcy Act 1966 and it requires the person on whom it is served to pay the judgment debt, make arrangements for payment of the debt to the creditor’s satisfaction or make an application to set aside the bankruptcy notice.
If an individual receives a bankruptcy notice and does not comply with it within 21 days, that is considered an act of bankruptcy. The creditor can then rely on the act of bankruptcy to present a creditors petition to a bankruptcy Court (usually the Federal Magistrates Court) and seek an order declaring the debtor bankrupt.
For those wanting to enforce a judgment by serving a bankruptcy notice…
Issuing a bankruptcy notice is a relatively simple process but can have serious consequences. The law relating to drafting and serving a bankruptcy notice can be very complex and you need expert advice from an insolvency lawyer before taking this step.
If your bankruptcy notice is drafted incorrectly or issued in the wrong situation, it can be very costly to withdraw the bankruptcy notice. Our solicitors regularly act for creditors in bankruptcy notice matters and will provide you the right advice tailored to your circumstances.
If you have recently received a bankruptcy notice…
If you have recently been served with a bankruptcy notice, you need to take action immediately. If you intend to make an application to set aside a bankruptcy notice, that application must be filed and served on the creditor within 21 days of the bankruptcy notice being served on you and you need to obtain orders extending the time for compliance with the bankruptcy notice. If you don’t comply with the bankruptcy notice within 21 days, your creditor may be able to present a creditors petition and obtain orders making you bankrupt.
Our bankruptcy lawyers regularly advise and act for people who have been served with a bankruptcy notice and want it to be set aside. If you have recently been served with a bankruptcy notice, you should contact our experienced insolvency lawyers as soon as possible to explore whether there are any grounds to set aside the bankruptcy notice, such as a defect in the notice, a counter-claim, set off or cross demand.
Most importantly…
Breene & Breene is committed to establishing and maintaining long term relationships with our clients. We offer trusted, personal and practical advice at cost effective rates.
Would you like to know more?
If you are concerned about personal insolvency or bankruptcy notices, go to our contact page, send us an email or submit an enquiry using the form on the right side of your screen. Our professional staff are waiting to help you with your insolvency law needs.
