What is bankruptcy?

According to the Australian Financial Security Authority bankruptcy is a legal process where you as an individual is declared unable to pay your debts. However, if you find yourself in a position of inability to pay your debts there are a number of options available.

With new changes to the 2016 Insolvency Law Reform Act (ILRA) coming into effect earlier this month, it is important to be aware of some of the key features that affect corporate insolvency appointments.

Following the context of the global financial crisis and the growing activity of harmful phoenix companies, a number of changes have been made to help the recovery of tax revenue from struggling companies. Director Penalty Notices can be issued to help regain some of these lost amounts, whereby amongst the rise of these fraudulent proceedings directors may find themselves in financial turmoil and receiving a Director Penalty Notice.

Bill Karageozis is a partner at McLeod & Partners who combines his vast experience in insolvency services with his astute legal mind to ensure the best outcomes for all stakeholders involved. With over 12 years insolvency involvement and extensive experience in liquidations (voluntary and involuntary), administrations and bankruptcies, Bill forms a key pillar in daily operations at the firm.

Recently, a number of interview questions were posed for Interview with Jonathan Paul McLeod, to find out a bit more of what’s happening behind the scenes.