Australia is now facing its largest economic downturn – one we haven’t seen anything like in 90 years.

Economists have predicted Australia will be facing a recession, and this prediction takes into account the current Government financial handouts.

Roly O’Regan, Special Counsel and Team Leader of our Commercial Litigation Team can assist you with your options moving forward in these difficult and uncertain times. Roly comments:

“The JobKeeper program will benefit many employers and employees, but there may be individuals who need to consider other options including whether to enter into bankruptcy.  Businesses also need to consider what options are available to them to keep it viable or whether your company should consider going into voluntary administration.”

What Is Bankruptcy?

Bankruptcy is the legal process of formally declaring you are unable to pay your debts.

Once you have been declared bankrupt a trustee is appointed to manage your bankruptcy.

There are a range of obligations you must comply with once you are declared bankrupt including reporting all debts, incomes and assets to your trustee and making repayments if your personal income exceeds a certain sum.

The best plan for you depends on:

• your asset position,
• the debts owed and who they are owed to;
• how your debts are structured, for example you may have companies or trusts,
• your income and expenses, and
• most importantly – your plans for the future.

Ryan Murdoch O’Regan’s Commercial Litigation Team are experienced assisting individuals and businesses identify their options, and if required, assist with bankruptcy proceedings.

Proven Experience

A few examples of Ryan Murdoch O’Regan’s proven experience include:

• advising people considering bankruptcy, including one individual who allegedly owed over $40,000,000,
• assisted with the process by which bankrupts can end their bankruptcy early (called “annulment”),
• negotiating with the Australian Taxation Office (“ATO“) concerning unpaid tax debts,
• advising on statutory demands and bankruptcy notices – often resulting in arrangements which do not result in bankruptcy or liquidation, and
• preparing deeds of company arrangements – which enable companies to keep trading with an arrangement in place with creditors.

How We Can Help

Ryan Murdoch O’Regan’s expert bankruptcy lawyers have assisted countless individuals with their bankruptcy issues. This includes negotiating with creditors, preparing bankruptcy documentation and representation in bankruptcy proceedings.

Our team of lawyers are experts in their field and go above-and-beyond to deliver the best result, each and every time. We are proud to provide 5 star customer service to our clients.

Contact Us

Get the best representation. Contact Ryan Murdoch O’Regan Lawyers on 1800 999 529, email mail@rmold.newwebsite.live or submit an enquiry below.

We are available to meet with you at any of our local offices (Brisbane, Gold Coast, Beenleigh, Cleveland and Jimboomba) or by telephone or video-conference.

Reference

Keane, A, “Tough times ahead but not a Depression: what it means for you”, The Courier Mail, 10 April 2020

This article is for your information and interest only. It is not intended to be comprehensive, and it does not constitute and must not be relied on as legal advice. You must seek specific advice tailored to your circumstances.