BANKRUPTCY....what happens?

Upon being made a Bankrupt, your house maybe sold, your bank account (if it has credit funds) belongs to your Trustee in Bankruptcy, your business may be sold by the Trustee, your shares in companies go the Trustee, any tools of trade above $3700 goes to the Trustee and any other assets go the Trustee except for personal items and most household goods.  The Trustee will try and convert all assets into cash and after deducting his or her fees distribute such funds (if any) to creditors.

You will not be allowed to be a Company director, nor stand for public office or continue in public office.  You maybe able to continue to work for a wage or salary and depending on the level of the wage or salary you might have to make regular repayments to the Trustee.

Bankruptcy lasts for 3 years unless it is extended by the Court.

What happens after discharge?

Your name will appear on the National Personal Insolvency Index forever as a discharged bankrupt and on credit reporting agencies' records for 2 years from the date of discharge, or up to 5 years from the date you became bankrupt, whichever is later.

If there is property that vested in the trustee when you became bankrupt and it has not yet been dealt with, you don’t automatically get it back.

The administration of your bankruptcy may continue after you are discharged – for example, your trustee may not have finalised investigations or the sale of assets, or you may still have income contributions to pay. The Bankruptcy Act says that a discharged bankrupt must still:

• assist their trustee to finalise the administration of the bankruptcy
• advise their trustee of any change of address
• provide information about their financial circumstances if requested to do so
• pay outstanding income contributions.

You also have continuing obligations to:

• give up secured assets if required by the relevant secured creditors
• pay debts that are not released by bankruptcy...e.g. penalties and fines.

For further information contact us.

Noise Pollution

Everyone has experienced at some time nuisance noise coming from a neighbour’s property. What to do? It depends on the type and frequency of the noise. The Protection of the Environment Operations Act (POE) sets out in considerable detail regulations which apply to all sorts of domestic appliances and machinery, internal and external. It deals with such things as air-conditioners, lawn mowers, electric power tools, musical instruments and amplifiers, pool motors, car and burglar alarms. It sets hours during which appliances and machinery can be used and maximum noise levels. Your local council can deal with a wide range of problems, such as barking dogs or other continuing noises. One-off noises, such as a noisy neighbourhood party, are best dealt with by the police. If there is a continuing problem, it is best to have a talk with your neighbour. If that fails, then consult your council to see what they can do. If the problem is beyond the powers of the council, then consult your solicitor to see what legal action can be taken to deal with the problem. In many cases the Local Court has the power to make a “noise abatement order”. Breach of this by the noisy neighbour can lead to fines and other more serious penalties.

If there is a “one-off” problem, then the police have the power to issue a similar notice. The police can issue on-the-spot fines if, after telling the offender to stop or mitigate the noise, it starts again within 6 hours. If we at Matthews Williams can assist you on this or any other legal matter, feel free to phone me or one of our solicitors or call into our office for an appointment.

For further information contact us.