Personal Insolvency
HOW WE CAN HELP
We also act on behalf of creditors to recoup losses.
We do this by investigating and assessing potential recoveries available to the trustee. In addition, we may investigate and report any offences the debtor may have committed.
We understand both sides of personal insolvency and provide all parties with a resolution that reduces distress and anxiety.
The two main vehicles for achieving positive outcomes in these situations are personal bankruptcy and personal insolvency agreements.

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.
Past Experience:
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.
Personal insolvency agreement
BRI Ferrier has extensive experience in personal insolvency agreements (PIAs), an alternative to bankruptcy. A PIA is a flexible but legally binding arrangement between a debtor and creditors that identifies the debtor’s property and income available to pay creditors’ claims. It also specifies how any realisations are dealt with.
A personal insolvency agreement is intended to provide creditors with a better return than bankruptcy. It is administered by a registered trustee in bankruptcy, who will ultimately pay a dividend to creditors, at which point the arrangement terminates, discharging the debtor from their liability.
Past Experience:
Two company directors
BRI Ferrier was appointed as controlling trustee to two directors, one of whom was involved with 53 different companies and a number of family trusts. Owing over $4 million to their bank and over $2 million to around 20 trade creditors under guarantees, the directors entered into PIAs. We assessed the returns as fair and equitable and administered the dividend to the bank and creditors, thereby discharging the directors from further liability.
Construction company director
BRI Ferrier was appointed as controlling trustee to a director of Adelaide’s best-known construction company. Owing creditors $23 million, the director entered into a PIA. After one revision, the creditors accepted the agreement. The trustee subsequently distributed the dividend to creditors.
Public company director
BRI Ferrier was appointed as controlling trustee to a director of several public companies in the wine and automotive sectors. Owing $32 million to creditors, the director entered into a PIA that, after three adjournments, was accepted by creditors.
Finance broker
BRI Ferrier was appointed as controlling trustee to a finance broker who owed $18 million in guarantees to his creditors. The broker entered into a PIA that proposed a distribution to creditors in excess of that available had he declared bankruptcy. The proposal was accepted and a dividend paid.
Three property developers
BRI Ferrier was appointed as controlling trustee to three Sydney property developers who owed $34.3 million to creditors. The three entered into a joint PIA that proposed each pay creditors $100,000. The PIA was referred to court for direction after one of the property developers had completed his obligation, one had defaulted and one had declared bankruptcy. The order of the court released the compliant party from the PIA, overturned the second’s PIA and declared the third bankrupt.
who we work with
Works closely with a range of business stakeholders, including financiers, solicitors, accountants & creditors, as well as the directors of businesses in financial distress.
Financiers
Empowering financiers with tailored solutions to secure their investments.
Solicitors
Partnering with solicitors to navigate complex legal landscapes with precision.
Accountants
Collaborating with accountants to ensure accurate financial management.
Creditors
Assisting creditors in recovering their dues efficiently and effectively.
Company Directors
Guiding company directors through financial distress with expert advice.