5 year Bankruptcy
Learn how your bankruptcy term can be extended for up to 5 years (ie extended by 2 years from the standard 3 year bankruptcy time period).
A Trustee in Bankruptcy is entitled to extend a bankrupt’s term of bankruptcy to 5 years if any of the following requirements are contravened:
- when bankrupt, you left Australia without permission by your Trustee;
- you entered into a transaction prior to bankruptcy which was later declared void by your Trustee (either a preferential payment or a transaction at undervalue);
- whilst bankrupt you continued to act as a company director;
- whilst bankrupt you obtained creditor of more than $5,447, without disclosing that you were bankrupt;
- you failed to attend an examination or interview as directed by your Trustee (without a reasonable explanation);
- you failed to attend a meeting of your creditors as directed by your Trustee;
- you failed to disclose an asset or a beneficial interest in an asset;
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