Tag: party declares bankruptcy

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 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, some property, such as superannuation, household goods, motor...