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How Can My Bankruptcy
Term Be Extended To 5 Years?

How Can My Bankruptcy Term Be Extended To 5 Years?

How can it be extended?

A Bankruptcy Trustee can object to your automatic discharge and file an application with AFSA for your Bankruptcy term to be extended from 3 years to 5 years if you trigger any of the following grounds:

  • You leave Australia without your Trustee’s permission whilst bankrupt
  • You entered into a transaction (prior to bankruptcy) which is later declared void by your trustee (i.e. you made a preferential payment prior to bankruptcy or you entered into a undervalued transaction prior to bankruptcy)
  • You continued to act as a company director whilst bankrupt
  • You incurred credit for more than the prescribed amount (currently set at $5,546 as at September 2016)
  • You failed to attend an examination or interview as directed by your Trustee (without any reasonable explanation);
  • You failed to attend a meeting of your creditors as directed by your Trustee;
  • You failed to disclose an asset or a beneficial interest in an asset;
 

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