Bankruptcy
If you need advice on bankruptcy, Gear & Co’s bankruptcy lawyers in Brisbane can provide experienced legal advice and representation across a range of bankruptcy matters.
Bankruptcy is a legal process where a trustee is appointed to take control of a person’s assets, recover property, and distribute funds to creditors. Trustees are also responsible for investigating the financial affairs of the bankrupt and reporting on their findings. In Australia, bankruptcy is governed by the Bankruptcy Act of 1966 (Cth) and regulated by the Australian Financial Security Authority (AFSA).
The leadup to entering bankruptcy can be complex. Trustees are often required to investigate transactions, recover assets, and, in some cases, pursue claims involving family members or related entities such as family trusts. Early legal advice can be critical in managing risk and ensuring the process is handled effectively.
What Do Our Bankruptcy Lawyers Do?
Our bankruptcy lawyers advise and represent clients across a range of bankruptcy matters. We act primarily for bankruptcy trustees, helping them fulfil their duties and navigate complex administrations. We also advise individuals, family members, and associated parties who need clarity on their rights and obligations in the context of bankruptcy proceedings and disputes, investigations, and recovery actions.
Our experience includes:
Advising trustees on asset recovery and the effectiveness of asset protection strategies
Acting in asset recovery and clawback proceedings
Representing trustees in public examinations
Assisting with investigations into financial affairs and transactions
Acting for individuals, family members, and related entities in response to trustee actions
We also advise on alternatives to bankruptcy, including Debt Agreements, Personal Insolvency Agreements, and Informal Agreements. Read more about bankruptcy in Queensland and the alternatives to bankruptcy.
Why Choose Our Bankruptcy Lawyers at Gear & Co
Trusted by Trustees in Complex Bankruptcy Matters — We regularly act for trustees in complex administrations, asset recovery actions, and investigations, giving us deep insight into how bankruptcy matters are managed in practice.
Litigation-Focused Expertise – We have strong experience in insolvency-related litigation, including recovery proceedings, public examinations, and disputes involving trustees, creditors, and third parties.
Queensland Expertise & Insight – As a Brisbane-based firm, we understand the local Queensland courts, legal processes, and regulatory environment relevant to bankruptcy matters.
Practical, Outcome-Focused Approach — We focus on achieving realistic outcomes, whether that involves recovery actions, resolving disputes, or navigating complex investigations.
Frequently Asked Questions
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A trustee’s duties include but are not limited to:
Controlling and selling the bankrupt’s assets
Investigating the bankrupt's financial affairs and past transactions
Recovering assets or funds for creditors
Distributing dividends to creditors
A trustee may also pursue claims against the bankrupt or third parties where appropriate.
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Following appointment, the trustee’s core functions include investigating the bankrupt’s financial affairs, identifying and securing assets, conducting examinations where necessary, and distributing available funds to creditors in accordance with the bankruptcy process.
Legal issues may arise throughout the process, which is where an experienced bankruptcy lawyer is essential.
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The assets sold or realised by a trustee may include:
Real estate (including investment properties and, in some cases, the family home)
Vehicles and valuable personal items above set value limits
Shares, investments, and other financial assets
Business assets and interests in companies or trusts
Assets that are usually protected include:
Superannuation
Essential household items (e.g. furniture and appliances)
Tools of trade and vehicles valued at less than the statutory limit
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Bankruptcy can result in significant financial and legal consequences, such as:
Loss of control over certain assets
Inclusion on a permanent public register
Long-term impact on credit rating
Restrictions on acting as a company director or running a business
Limits on overseas travel without trustee approval
The extent and duration of these consequences will depend on individual circumstances and the specific terms of the bankruptcy.
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Legal advice should be sought before declaring bankruptcy, when a trustee is appointed, or if correspondence or claims are received, including where family members or related parties are affected. A bankruptcy lawyer can strategise options and ensure obligations are properly understood and addressed.
Related Articles
Our insights cover key aspects of bankruptcy, including administration, recovery actions, and alternatives to formal insolvency processes:
Get Expert Help With Our Bankruptcy Lawyers
Our lawyers have extensive experience across all facets of insolvency law. We regularly act for bankruptcy trustees, advising on and running investigations, recovery actions, and contested litigation.
For individuals, family members, and related entities facing trustee action or caught up in bankruptcy processes, we can provide clear, practical guidance on your position and options. Whether you are dealing with an active administration or seeking to understand your position, early legal advice can make a significant difference.
Contact Gear & Co to discuss how our bankruptcy lawyers in Brisbane can assist you.