Bankruptcy has serious consequences for creditors and individuals. The cost of not seeking the right advice can have severe implications. Maximising outcomes requires specialist knowledge and experience.
Bennett & Philp has one of the most experienced bankruptcy teams of any Queensland law firm - our senior insolvency lawyers collectively have over 75 years experience.
We act for private Bankruptcy Trustees, accounting firms, financial institutions, public, the Australian Financial Service Authority, private companies and individuals.
- acting to bankrupt debtors;
- acting to defend preferences and other claims made by Bankruptcy Trustees, and
- acting in disputes over proofs of debt against Bankruptcy Trustees.
Bankruptcy Trustee Services
- acting for Trustees in selling businesses, business assets and property in the Bankrupt’s estate;
- acting for Trustees in recovering unfair preferences, transfers to defeat creditors and related party transactions;
- acting for the Trustee in reviews by the Inspector General or appeals to the Administrative Appeals Tribunal;
- advising on and acting in proof of debt disputes, and
- defending applications in the Federal Circuit Court by bankrupts to try and have their sequestration order overturned or annulled.
Services for Debtors
- defending bankruptcy proceedings brought by creditors;
- advising on and attempting to resolve matters informally with creditors;
- advising on and preparing Part 9 and Part 10 agreements under the Bankruptcy Act;
- making annulment applications to the Federal Circuit Court;
- advising on and preparing annulment proposals to the Bankruptcy Trustee;
- defending actions brought by the Bankruptcy Trustee against the Bankrupt, family members or friends, and
- acting for the Bankrupt in reviewing decisions by the Bankruptcy Trustee either to the Inspector General or the Administrative Appeals Tribunal.
Our experience includes:
- selling professional services firms after the partners went bankrupt on behalf of the Bankruptcy Trustee;
- selling other businesses and business assets on behalf of the Bankruptcy Trustees;
- acting for Bankruptcy Trustees in relation to recovering entitlements owed to the Bankrupt under deceased estates and Wills;
- acting for Bankruptcy Trustees in relation to a mortgage scam whereby the Bankrupts were alleging their properties were secured to other parties, after legal proceedings including a public examination were concluded we were able to demonstrate there was in fact no such security or agreement and once the mortgages were removed the properties were able to be sold to deliver a substantial return to creditors;
- acting for and advising ITSA (now AFSA) in how to deal with and recover money that had been the subject of a confiscation order under the Proceeds of Crime Act, and
- acting for trustees in recovering properties transferred to family members of bankrupts shortly before bankruptcy.
Not acting quickly enough, when faced with bankruptcy, can have catastrophic consequences for you personally. Please contact one of our team today on +61 7 3001 2999 for advice.