Tag: bankrupt

Bankruptcy can have significant effects upon family law proceedings and it is not uncommon for the Federal Circuit and Family Court of Australia to deal with property matters involving a bankrupt estate. Bankruptcy [caption id="attachment_17773" align="alignright" width="300"] Bankruptcy family law proceedings[/caption] Bankruptcy is the process whereby a person cannot pay their debts when such payments fall due. In Family Law proceedings, when a party becomes bankrupt, control of their property and income transfers to the trustee of the estate. However,...

Bankruptcy Act 1996 and Family Law Act 1975 - AustLII and Divorce Loopholes Under the bankruptcy act 1966 law, creditors are unable to claim against a person’s estate if that person has declared bankruptcy. However, there are certain situations where the bankruptcy act 1966 can be orchestrated to appear this way, so as to purposely avoid paying debts. Calls for Divorce Loophole Crackdown: Criminals Skirting the Law The recent case involving Michael Williamson, disgraced former Health Services Union Boss, highlights...