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Visit our dedicated small business restructuring site for small business owners facing financial distress.
Stepping into bankruptcy can feel like entering a maze—full of twists, turns, and unexpected consequences. This guide from AFSA is like your personal Minotaur-defeating Theseus, offering a torchlight to illuminate the path ahead, showing you what to expect around each corner, with the reassurance of a hand on your shoulder.
In their comprehensive guide you will learn the following (*taken directly from the AFSA website):
Your name will permanently appear on the National Personal Insolvency Index (NPII)
Bankruptcy normally lasts for 3 years and 1 day from the day they accept your Bankruptcy Form
Further Reading
Title | Short Summary |
|---|---|
Is Your Business Experiencing Financial Difficulty? - AFSA | A resource guiding Australians to the mental health support best suited to their needs. |
ACCC's Debt Collection Guideline for Collectors & Creditors | This joint ACCC and ASIC guideline sets out how consumer protection laws apply to debt collection in Australia. It covers enforcement responsibilities, key definitions, and the rights and obligations of both collectors and creditors. A practical reference for anyone involved in managing or recovering debts. |
Insolvency Fact-checker | An interactive tool to help directors and small business owners gauge whether a company may be insolvent and consider early next steps. A starting point, not a substitute for advice. |
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