Search results
Results from the WOW.Com Content Network
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 Australian Financial Security Authority (AFSA) is an Australian executive agency part of the portfolio of the Attorney-General that primarily exists to handle bankruptcy applications. [1] The agency was formed in 1999 with the passing of the Public Service Act 1999, [ 2 ] succeeding "Insolvency & Trustee Service Australia".
Debt Mediators Australia is an Australian company based in the financial services industry. The company was founded in 1999 by Michael Paris. The company provides debt reduction and consolidation services. Many of Debt Mediators Australia's clients are $30,000 or more in debt, and many clients are teens and people in their early twenties. [1]
Key takeaways. There are two common types of bankruptcy: Chapter 7 and Chapter 13. Filing for bankruptcy is a time-consuming process that can take years to stop affecting your finances.
On 1 February 1977 the bankruptcy jurisdiction was transferred to the newly established Federal Court of Australia. [3] [4] [5] No new cases could commence in the Federal Court of Bankruptcy after 1 February 1977, [6] however the Court was not formally abolished until 1995, [7] after the last judge, Charles Sweeney retired. [8]
Get AOL Mail for FREE! Manage your email like never before with travel, photo & document views. Personalize your inbox with themes & tabs. You've Got Mail!
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. [17]