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Ask The Experts > Bankruptcy

An individual can be declared bankrupt by the Federal Court, either at their own instigation or by a creditor, when they are unable to meet their financial commitments.

The Court will then place their estate in the hands of an Official Receiver who will distribute assets or their proceeds according to the provisions of the Bankruptcy Act.

Bankruptcy applies to individuals.
Liquidation/administration/receivership applies to companies.

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