Bankruptcy

Abstract The imposition of capital gains tax on trustees in bankruptcy has become a contentious issue following the Federal Court’s decision in Robson as trustee for the bankrupt estate of Lanning v Commissioner of Taxation [2024] FCA 720. Historically, trustees in bankruptcy were not held liable for capital gains tax on asset disposals during bankruptcy;…

Knowing how to check a bankruptcy status in Australia helps individuals and businesses make informed financial decisions. Whether you’re confirming your own record, assessing a potential business partner or reviewing a client’s financial background, the process is straightforward when you use official government sources. The Australian Financial Security Authority (AFSA) maintains the National Personal Insolvency…

When you’re dealing with unmanageable debt and can’t pay everything off, understanding your legal options can feel overwhelming. The term “bankruptcy” is often used broadly, but in Australia there are actually three distinct types of bankruptcies available under the Bankruptcy Act 1966 that help people manage serious financial difficulty. Each of the 3 types of…

Bankruptcy in Australia lasts 3 years and 1 day, beginning on the date that your Statement of Affairs (bankruptcy form) is accepted by AFSA (Australian Financial Security Authority). This is the standard bankruptcy period, and you’re automatically discharged at the end of bankruptcy, unless your trustee objects and extends it to five or even eight…