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Expert Personal Insolvency advice

Personal Insolvency Gold Coast


Bell Legal Group have the expertise to provide personal insolvency advice and act in related disputes.

Whether you are being threatened with bankruptcy or are bankrupt, we can advise you in relation to the most appropriate way to resolve the issues you are facing and to answer all questions you may have regarding the process.

Below is a summary of the options that may be available for an individual who is insolvent under the Bankruptcy Act 1966 (Cth). This Act provides 3 distinct options for insolvent debtors which each involve a collective way of dealing with creditor claims.



An individual can become bankrupt either voluntarily (on the acceptance of a debtor’s petition) or involuntarily (on the court’s acceptance of a creditor’s petition and making a of a sequestration order against the debtor’s estate). The consequences and effects of bankruptcy for the debtor and creditors are largely the same, regardless of the method by which the bankruptcy was commenced.

There are both positive and negative effects of bankruptcy for a debtor but most debtors (particularly those with overwhelming debts and few assets), find the relief gained from bankruptcy, and the opportunity for a fresh start at the conclusion of bankruptcy, maybe sufficient to outweigh the restrictions involved.


Part IX Debt Agreements and Part X Personal Insolvency Agreements

In addition to bankruptcy, the Bankruptcy Act provides two alternatives for insolvent debtors, being a Part IX Debt Agreement and a Part X Personal Insolvency Agreement.

Both types of agreements involve the debtor giving a proposal to their creditors for dealing with the debtor’s debts.

This may involve assets that would not be available to creditors in a bankruptcy (i.e. contributions from third parties).

A Personal Insolvency Agreement can be proposed by any debtor who is insolvent. However, debt agreements can only be proposed by a debtor whose income, assets and debts are below a certain threshold and who has not been in an insolvency administration as a debtor in the last 10 years. Theoretically, the debt agreement process is meant to be less complex.

Both types of agreements are voted on by creditors and if accepted, the arrangement will bind all creditors.


Should you require advice on any of the following, please contact our solicitors at Bell Legal Group by calling us on 07 5597 3366 or send us an email to law@belllegal.com.au:

(a) Bankruptcy;

(b) Part X Agreements;

(c) Part IX Agreements;

(d) Filing a Debtor’s Petition;

(e) Enforcing a Judgment and filing a Creditor’s Petition to bankrupt someone;

(f) Public Examinations;

(g) Advice regarding the powers and duties of Bankruptcy Trustees;

(h) Preference Claims;

(i) Voidable transaction claims;

(j) Income contributions by a bankrupt;

(k) Proofs of debt;

(l) Annulment of your bankruptcy.