Bankrupt

In South Australia, if a deceased person at the time of their death had more debts than assets, it will be necessary to deal with their estate in a different way from a normal estate administration. The purpose of the rules that control bankrupt or insolvent estates is to provide for the order of payment…

The Bankruptcy Act 1966 (Cth) applies in all states of Australia. Under this Act, all assets available to the trustee in bankruptcy are divided equitably amongst the bankrupt’s creditors. Bankrupt deceased estates in New South Wales can be administered in bankruptcy. This includes estates for persons who are insolvent at the date of death and those…