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Bankruptcy Insolvency

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Narcfree View Drop Down
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  Quote Narcfree Quote  Post ReplyReply Direct Link To This Post Topic: Bankruptcy Insolvency
    Posted: 03/September/2017 at 14:35
Does anyone know if someone (Ex) Voluntarily Winds up his company, then one year later Deregistered it...just before he becomes Bankrupt...
does this sound right?
I thought if your company became becomes Insolvent, the Creditors/Trustee Act to Deregistered the company?

kirstymw View Drop Down
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  Quote kirstymw Quote  Post ReplyReply Direct Link To This Post Posted: 03/September/2017 at 15:32
Did he/she voluntarily wind up their company? If it is voluntarily wound up (he/she submits an application to ASIC and declares that the company has no debts) then trustee's don't get involved. They only to my understanding get involved once a company owes debts to creditors.

With the bankruptcy was that a personal bankruptcy?

Narcfree View Drop Down
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  Quote Narcfree Quote  Post ReplyReply Direct Link To This Post Posted: 03/September/2017 at 15:40
Well he firstly Volunarily wound up his company but that was because he was commencing legal proceedings with Former wife I assume so he has nothing to split.. his company was part of a Trust. So when his company became insolvent, his cars etc were Repossessed.
One year later, he then voluntarily went personally bankrupt, but it was just prior to filing that he Deregistered his Company (which see above his company was Insolvent one year prior)
I would have thought you Deregister company at Insolvency?

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  Quote kirstymw Quote  Post ReplyReply Direct Link To This Post Posted: 03/September/2017 at 15:47
I am not a lawyer and I am only speaking from experience. I did a volunteer registration of my company this year. I had no debts I transferred everything to my US company as that is my main location now. When I applied to ASIC to wind up I had to submit a form they advertised that I was winding up and I think it was 30 days later my company was deregistered. My ex from many years ago went insolvent and trustees wound up his company. By the time the assets were sold and money was re-couped to try and pay back debts it took nearly 8 months (court, creditor meetings etc) So his company was insolvent but the final deregistration didn't go through for 8-12 months later. He also then filed a personal bankruptcy as he couldn't find work.

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  Quote Narcfree Quote  Post ReplyReply Direct Link To This Post Posted: 03/September/2017 at 15:53
Ok thanks.. the reason I'm suspicious is because My ex De facto partner of 5 years has taken legal action for equity on my property for non financial contributions (repairs etc). I paid for all Costs associated with the house. And we have no children. He became Bankruptcy midway into our relationship and now I've discovered he has committed Fraud and that he had a Trust which was undisclosed. He has been discharged from Bankruptcy and made an agreement with the Trustee to pay them after settlement. My legal rep has submitted an offer and has said if they don't accept we will Disclose this evidence of fraud to the Trustee.. they didn't reply by the deadline so now do we disclose to the Trustee? If so, would there be any negative consequences to me or to him? Ie could the Trustees join the litigation? And if they do, does that mean my ex no longer has any rights to the equity distribution and instead it vests on the Trustee?
Sorry it's a very long question and wanted a second opinion...

kirstymw View Drop Down
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  Quote kirstymw Quote  Post ReplyReply Direct Link To This Post Posted: 03/September/2017 at 16:19
that I don't have any experience on and can't help sorry :( Hopefully someone on here can help with that. I definitely at times recommend getting a second opinion at times. It is a lot of information to take in. Sorry I can't be any more help!

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  Quote Narcfree Quote  Post ReplyReply Direct Link To This Post Posted: 03/September/2017 at 16:21
Yeah thanks hopefully someone has some advice..😊

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