Bankruptcy is a legal process where a trustee is appointed to administer an insolvent person’s affairs in order to provide a fair distribution of that person’s assets to their creditors.
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Part X (Part 10) is a part of the Bankruptcy Act that allows a debtor to enter into an arrangement with their creditors without being made bankrupt.
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Official liquidation is a process of a Court ordering the winding up of a company’s affairs and the appointment of a liquidator in order to provide for a dismantling of a company’s affairs and a fair distribution to creditors.
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Voluntary Administration is designed to assist companies to either come to a formal arrangement with their creditors to pay their debts, or are quickly and inexpensively placed into liquidation.
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The Personal Property Securities Act (PPSA) came into operation on 30 January 2012 and replaced a number of provisions in the Corporations Act dealing with the registration and exercising of securities over assets. The operations of the PPSA are significant in the event of the appointment of an external administrator or trustee.
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Company directors are legally responsible for ensuring that their company meets its pay as you go (PAYG) withholding, “net” GST (goods and services tax, wine equalisation tax and luxury car tax) and superannuation obligations. If a company fails to comply with their obligations to pay the debt by the due date for payment, company directors are held personally liable for the amount the company should have paid.
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