Personal bankruptcy

When personal debts accumulate and are no longer manageable, the best course of action is to seek help.

Bankruptcy can often be the best resolution in a difficult situation. By finally bringing an end to the anxiety of ongoing financial distress, debtors can start afresh and rebuild their lives.

BRI Ferrier can assist with all aspects of personal bankruptcy. We routinely deal with creditors and advise them of the likelihood of a return. We investigate bankrupt estates and maximise recoveries. We provide consents to act as trustees to financiers, suppliers and other creditors seeking to recover their debt. We also address and investigate specific creditor issues, including recovering personal assets under a director’s guarantee as a result of a corporate insolvency.

 

CASE STUDIES

Respected Australian businessman

BRI Ferrier was appointed as trustee of the bankrupt estate of a respected Australian businessman who owed $35 million to creditors. Our extensive investigations proved that all the bankrupt’s assets were pledged as security to various financiers. The trusts involved were properly constituted and unable to be attacked by the trustee.

Former managing director

The South Australian government approached BRI Ferrier to act as trustee of the former managing director of the State Bank of South Australia. With the bank’s losses exceeding $2 billion, the government initiated proceedings against the managing director for breach of directors’ duties. We worked with the official trustee to investigate this person's affairs, including family companies and trusts. The investigation culminated in a public examination of the managing director in the Federal Court. This resulted in a seven-figure settlement – a result as realistically commercial as could be achieved.

Deceased estate

BRI Ferrier was appointed as trustee of a bankrupt deceased estate. This was a highly uncommon form of appointment. However, we realised available assets and paid a sizeable return to creditors.

Tradesman

BRI Ferrier was appointed as trustee in bankruptcy to a tradesman who attempted to defraud creditors through illegally transferring assets to family members. We arranged for the bankrupt’s family to buy the assets and negotiated a cash offer to creditors. The tradesman’s bankruptcy was subsequently annulled, enabling him to return to trade. Over two years, the tradesman contributed to creditors as per the negotiated agreement.

Taxi-truck service operator

BRI Ferrier was appointed as trustee in bankruptcy for an individual who operated a taxi-truck delivery service. Our investigations revealed significant anomalies in the goods delivered. After a police raid on five different premises, the police confiscated six shipping containers of stolen goods. We liaised with the police in relation to the return of the stolen items and prosecutions against the parties involved.

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