Bankruptcy and Insolvency Lawyers in Sydney

Australia’s trusted bankruptcy lawyers

If you or your business are facing financial difficulties – we can assist through every step of the process. Our experienced bankruptcy and insolvency lawyers provide practical and commercial solutions and guidance to navigate the complex landscape of insolvency law in Australia.

Our bankruptcy and insolvency services in sydney: 

• Assist in the bankruptcy and insolvency process
• Company liquidation
• Draft and review agreements
• Legal advice on insolvency options
• Negotiation with creditors
• Managing liquidation processes
• Issuing notices
• Business restructuring
• Claims and disputes
• Asset protection
• Debt recovery
• Representation in court
• Post-liquidation/bankruptcy actions

Am I eligible for bankruptcy?

To be eligible for bankruptcy in Australia, you must:

• Be unable to pay your debts on time (insolvent).
• Be in Australia or have a residential or business connection to Australia.

Other scenarios that might make you eligible for bankruptcy if:

• You owe more than $10,000 in unsecured debts
• You are unable to arrange with your creditors
• You are facing significant financial hardship
• You have assets insufficient to cover your debts
• You are seeking a fresh financial start.

Types of bankruptcy in Australia

For Individuals:

Voluntary Bankruptcy 

A formal process where individuals declare themselves bankrupt to manage unpayable debts.

Debt Agreement 

A legally binding agreement between you and your creditors to settle debts over time.

Personal Insolvency Agreement

A flexible agreement tailored to your financial situation, negotiated with creditors.

For Businesses:

Voluntary Administration

Maximise the chances of a company’s survival or, if that’s not possible, provide better returns for creditors than immediate winding up.

Company Liquidation

The process of winding up a company’s affairs involves realising and distributing assets to creditors and shareholders.

Receivership

The appointment of an independent person to take control of a company’s assets when it defaults on its debts.

Business Structuring

A strategic process to reorganise a company’s structure, operations, or finances to improve its performance and viability.

Other Considerations

How does insolvency work in Australia?

Insolvency in Australia occurs when an individual or company cannot meet their financial obligations. Australian insolvency law focuses on immediate financial status rather than long-term prospects, potentially leading to the company’s premature liquidation. This process involves selling assets to pay off creditors.

If you or your business is going through financial challenges, contact us to learn more about how we can help. 

Can I negotiate with creditors before declaring bankruptcy? 

Yes, negotiation with creditors can often prevent the need for bankruptcy by arranging alternative payment plans or settlements. Contact us to learn more about the bankruptcy process. 

What happens to my assets when I declare myself bankrupt? 

Most assets are typically handed over to a trustee for liquidation, but certain essential items and tools of trade may be protected. Contact us to learn more about asset protection and the bankruptcy process.

Can I go to court for insolvency or bankruptcy?

Yes, court involvement may be necessary to resolve disputes, approve agreements, or manage complex insolvency cases.

Can liquidation be stopped?

In some circumstances, liquidation can be halted through successful negotiations, restructuring, or legal interventions. However, once a liquidation has formally commenced, it is generally very difficult to stop. This is because both the winding-up resolution and the winding-up order have a finality that makes them irreversible decisions in most cases.

Our liquidation lawyers can help you understand the process and the specific alternatives for your matter; Contact us today to learn more. 

What are the differences between insolvency and bankruptcy?  

Insolvency refers to the inability to pay debts, while bankruptcy is a legal declaration of insolvency, typically applied to individuals. To understand the procedure you need, contact our team for a 15-minute consultation. 

When should I contact a lawyer?

It is advisable to contact a lawyer as soon as you face financial difficulties to explore all available options and strategies. Contact us to learn more about how we can help. 

H+A Legal, your trusted advisor and expert insolvency lawyers in Sydney

Don’t face financial challenges alone – as a specialised business law firm, we are dedicated to guiding you through insolvency and bankruptcy processes with expertise and understanding, providing tailored solutions for your unique situation.

Contact us today to learn more about our comprehensive commercial dispute services, including contract breach, debt recovery, asset protection, professional negligence, will estates, property disputes and more. 

Our team at H+A Legal empowers your journey to financial stability and business success.