The Bankruptcy Process

The bankruptcy process starts with you declaring yourself bankruptcy at court and the judge then making the bankruptcy order. This phase of the bankruptcy process is relatively straight forward and should not cause you many problems.

The outcome at court is usually that the bankruptcy order is made providing that you meet the grounds for declaring yourself bankrupt. It is possible that the judge could not make the bankruptcy order if another solution is more appropriate.

Once the bankruptcy order has been made you will be subject to the bankruptcy restrictions and an Official Receiver will be appointed to protect your assets and investigate your affairs.

After a period of one year you will be automatically discharged providing that you co-operated during the bankruptcy.