Accounting Services - Bankruptcy

What is bankruptcy?

Bankruptcy occurs when an individual does not have enough money/assets to pay creditors or debt that is owed. If you find that you are unable to repay your debts, you can not just say that you are bankrupt. You must go through a formal process and be deemed eligible, and hence legally declare it; that is if the bankruptcy is voluntary.   

Important things to know about bankruptcy:

• There is no minimum amount you need to owe before you can go bankrupt.

• There is a seven day ‘cooling off’ period when you apply for bankruptcy in which you can change your mind.

• The bankruptcy period last for three years from the date of filing.

• You are responsible for all debts incurred after bankruptcy.

• Your bankruptcy can be annulled by your bankruptcy trustee after certain requirements have been met.

• Your name will be listed as being bankrupt for seven years from the start of your bankruptcy, and this will most likely affect your credit rating.

The dedicated team of lawyers and accountants at The Quinn Group can assist you with advice and assistance for your bankruptcy needs. If you find that are unable to pay your debts and you feel that bankruptcy may be an appropriate option for you, contact us now by submitting an online enquiry form or call 1300 QUINNS or on +61 2 9223 9166 and get started on a tax plan for your business.

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The Quinn Group - Providing the Total Solution

As both a legal and accounting firm The Quinn Group are able to offer business legal and accounting services in one location. Visit our Business Legal Services page to see our range of legal services available to your business.

Visit our Personal Accounting Services page for more information on the wide range of Accounting Services that The Quinn Group can provide to you as an individual.

View all our office locations to find The Quinn Group office nearest you, or call us on

1300 QUINNS (1300 784 667) or on +61 2 9223 9166 to arrange an appointment.

Whilst we have 5 offices located in Sydney, we are also able to meet you at location convenient for you. Additionally, we have web and teleconferencing available for regional, interstate or international clients.