Information For Those Who Are Owed Money
If you are owed money, we understand what a stressful time it can be. Trying to find a solution, especially when it’s a complex situation, can be difficult and time consuming.
Usually the first course of action is to issue a letter of demand. If this doesn’t work and the debtor hasn’t issued an alternative solution, such as a debt agreement proposal (Part X Agreement), then you may decide to issue a bankruptcy notice. This is a complex process and obtaining legal advice is essential.
Information on making someone bankrupt can be found on the Australian Financial Security Authority’s website here: Process to make someone bankrupt.
If it is a company that owes you money rather than an individual, the process is slightly different. You will need to send them a creditor’s statutory demand instead of a letter of demand and a liquidation notice instead of a bankruptcy notice.
Trying to obtain money from a company rather than an individual is also more complex. At Jirsch Sutherland, we work together with advisers to ensure all possible options are considered and the most appropriate solution found.