Section 73 Bankruptcy

Bankruptcy occurs when someone has a declining financial situation resulting from debts and arrears that they are unable to pay as and when they fall due, and for them often the best solution is to file for bankruptcy.

Through the natural course of bankruptcy, a trustee will be appointed which over the 3 years will realise all assets and resources as well as all creditors and arrears of debts. The trustee will then liquidate the estate in order to distribute the liquidated assets amongst creditors, in a way that is proportionate to the debts owed by the bankrupt – i.e. the creditors with the greatest amount owed to them should receive the highest proportion of any funds recovered.

Fortunately there are provisions within the Bankruptcy Act that enable bankrupt to have their bankruptcy annulled through a Section 73 proposal.

The repercussions of creditor’s claims can often result in bankruptcy, regardless of whether or not it was the individual’s choice to enter bankruptcy, or if it was filed by a creditor. However, bankruptcy is far from the end of the world for the person who undergoes bankruptcy.

At our team we can utilise mechanisms within the Bankruptcy Act which allow for the annulment of bankruptcy through the provisions of Section 73, which have the same effect as if the bankruptcy had never occurred. This gives the individual an opportunity to have a ‘clean slate’, free from all debts accrued the time of bankruptcy.

Rather than following the natural course of bankruptcy over 3 years or more, which would result in a catastrophic credit record and a painful and arduous procedure, a Section 73 proposal is an approach where “everybody wins”.

As we exercise the best possible course of action for you to get back up and running, eliminating residual effects and hindrances of past financial situations to give you the best possible result. Having experience and skills specialising in Section 73 proposals, we can combine this with our proven strategies and methods to bring you through bankruptcy unscathed, ready to start over.

Bankruptcy needn’t be the end of the world, indeed it can be the springboard for a whole new start! Through the use of our proven strategies and with our expert knowledge we can utilise Section 73 of the Bankruptcy Act to turn years of bankruptcy to months, and through an annulment it be as if the bankruptcy never occurred in the first place.

For expert, discrete and confidential advice, call us today on 1300 60 70 60