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Bankruptcy Act
Corporations Act
(links open in a separate window)

Bankruptcy Notices
$2,000 - Amount for issuance of Notice
21 days - Time period for compliance

Meeting Convening Periods
Bankruptcy Meetings - Reasonable Notice
Virtual Meetings - Trustee to Specify
Part X - 25 business days - Holding Meeting of Creditors
Change of Trustee Meeting - 7 days
Streamlined Change of Trustee - 10 days

Section 161B Fees
$1,481.00 

Income Contribution Threshold
Allowable Income before Income Contributions Payable
(after tax & s139N deductions)

$40,131 - No Dependents
$47,355 - 1 Dependent
$50,967 - 2 Dependents
$52,973 - 3 Dependents
$53,776 - 4 Dependents
$54,578 - 5+ Dependents
Maximum Dependant Income - $2,834

Asset Allowances
$3,150 - Tools of Trade allowance
$6,300 - Motor Vehicle Allowance
$4,497 - Obtaining Credit without Disclosure
RBL - Superannuation exemption:

Employee Entitlement Threshold
$3,750 - Priority Claim for Employee (max)

Part IX Thresholds
Amounts not to exceed to do a Part IX current 20.9.2007: -
$60,197 - Income (after tax) (1.5 x no dependants threshold)
$80,262 - Available Assets (after securities) (2 x no dependants threshold)
$80,262 - Creditors (after securities) (2 x no dependants threshold)

Part X
2 days - Notification to ITSA
25 business days - Holding Meeting of Creditors

Proofs and Dividends
about 21 days - Lodgement of Proofs (after notice)
21 days - Declaration (after Proofs lodged)
$25.00 - Minimum dividend (reg 6.21)

Offences Penalties
Concealment of Property
section 263 - 3 years or $1,000

Lodging False Claims to Vote
section 263C - 6 months

Failure to Disclose Property
section 265 - 1 year

Failure of Person to Attend Interview
section 267D - 6 months

Obtain Credit of more than $4,374 without Notice
section 269 - 3 years

Failure to keep proper Records
section 270 - 3 years

Leaving Australia with intention of not returning
section 272 - 3 years

(read relevant sections for more details)

(links open in a separate window)

Statutory Demands
$2,000 - Amount for Issuance of Notice
21 days - Time period for compliance

Meeting Convening Periods
First VA Meeting - within 8 business days
Convening Period VA - 25 business days
Exceptions to Convening Period - 30 business days
Second VA Meeting - within 5 business days (before or after convening period)
Creditors Voluntary Liquidation - 18 days (with 7 days notice)
Liquidation - 14 days notice
Final Meetings - 30 days notice

Dividends
21 days - Notice to Lodge Proofs of Debt
No time Limit - Declaration
$25.00 - Minimum Dividend

Priority Employee Entitlement Thresholds
No Limit - Non-excluded employee
$2,000 - Excluded Employees-Wages
$1,500 - Excluded Employees-Leave
Nil - Excluded Employees-Other

Offences
Non-Disclosure or Misrepresentation
section 590(1) - $10,000 or 2 years

Knowingly Receiving property
section 590(5) - $5,000 or 1 year

Frauds by Officers
section 596 - $10,000 or 2 years

Falsification of Books
section 1307 - $10,000 or 2 years

False of Misleading statement
section 1308 - $10,000 or 2 years

(read relevant sections for more details)


Last Updated 25.3.2008


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