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Under Australian law, the term insolvency is usually used with reference to companies, and bankruptcy is used in relation to individuals. [1] Insolvency law in Australia tries to seek an equitable balance between the competing interests of debtors , creditors and the wider community when debtors are unable to meet their financial obligations.
The Bankruptcy Disqualification Act 1871 (34 & 35 Vict. c. 50) The Bankruptcy and Deeds of Arrangement Act 1913 (3 & 4 Geo. 5. c. 34) The Bankruptcy Act 1914 (4 & 5 Geo. 5. c. 59) The Bankruptcy (Amendment) Act 1926 (16 & 17 Geo. 5. c. 7) The Bankruptcy Acts 1883 to 1890 was the collective title of the following Acts: [12] The Bankruptcy Act ...
The Federal Circuit Court of Australia, formerly known as the Federal Magistrates Court of Australia or the Federal Magistrates Service, was an Australian court with jurisdiction over matters broadly relating to family law and child support, administrative law, admiralty law, bankruptcy, copyright, human rights, industrial law, migration ...
Division 2 is the former Federal Circuit Court of Australia, and deals with the bulk of family law matters prior to the establishment of the Court, as well as general federal law matters such as migration, bankruptcy and admiralty. It contains 76 judges.
In Australia, bankruptcy is a status which applies to individuals and is governed by the federal Bankruptcy Act 1966. [16] Companies do not go bankrupt but rather go into liquidation or administration , which is governed by the federal Corporations Act 2001 .
The Federal Court of Bankruptcy had jurisdiction in bankruptcy matters and was created in 1930. [15] The jurisdiction in bankruptcy was transferred to the Federal Court of Australia on its establishment in 1977. [16]
In Australia, an external administrator, also called an insolvency practitioner, is an independent person that is formally appointed to control an insolvent company's affairs. External administrators can be appointed either by the company's directors, a secured creditor , or by a court, and include: provisional liquidators , liquidators ...
The Federal Court of Bankruptcy was an Australian court that was established in 1930, [1] pursuant to Chapter III of the Constitution. The jurisdiction in bankruptcy was shared with state courts. [2] On 1 February 1977 the bankruptcy jurisdiction was transferred to the newly established Federal Court of Australia.