Liquidating credit

Joint ASIC/AFSA/ARITA liaison meeting ASIC, AFSA and ARITA held their bi-annual liaison meeting on 5 December 2017. The Government has introduced new laws that change the way ASIC is funded.Regulated entities will receive an invoice for ASIC’s regulatory services delivered in the prior year.Instead of filing bankruptcy, consider selling your assets on your own and using the money to pay or settle your debts.It’s more work for you, but it allows you to avoid having a bankruptcy on your credit report.The trustee may decide not to use some of your nonexempt assets if they aren’t worth much or would be too difficult to sell. Trustee’s office if you’re not honest about the assets you own.

There is no property for the bankruptcy court to sell and your creditors won’t get receive any payment through your case.

Even though Chapter 13 filers enter a repayment plan for their debts, nonexempt assets are still important for the bankruptcy case.

In Chapter 13 bankruptcy, the debtor must repay the creditors at least the of nonexempt assets.

The company will stop doing business and employing people.

The company won’t exist once it’s been removed (‘struck off’) from the companies register at Companies House.

Leave a Reply