8 year Bankruptcy
Learn how your bankruptcy term can be extended for up to 8 years (ie extended by 5 years from the standard 3 year bankruptcy time period).
A Trustee in Bankruptcy is entitled to extend a bankrupt’s term of bankruptcy to 8 years if any of the following requirements are contravened:
- you entered into a transaction which was declared void by your Trustee but was entered into with the intention to defeat creditors;
- you made an excessive payment into a superannuation fund with the intent to defeat creditors;
- you failed to provide a written explanation to your Trustee about property, income or expected income;
- you intentionally provided false or misleading information to your Trustee;
- you failed to disclose full particulars of income or expected income;
- you failed to pay compulsory income contributions;
- at any time during the period of 5 years immediately before the commencement of the bankruptcy, or at any time during the bankruptcy, you:
- spent money but failed to explain adequately to the trustee the purpose for which the money was spent; or
- disposed of property but failed to explain adequately to the trustee why no money was received as a result of the disposal or what the bankrupt did with the money received as a result of the disposal;
- whilst bankrupt you left Australia and failed to return to Australia when requested to do so by your Trustee;
- you refused or failed to sign a document after your Trustee requested you to sign the document;
- you failed to disclose to your Trustee your beneficial interest in any property.
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