Can companies or businesses be bankrupted?
Only people can be made bankrupt, not businesses or companies. Where a partnership or persons trading under a business name are Being unable to pay your debts in full when they are due., it is not the business that is bankrupted but the individual or individuals who run that business. The When a debtor who cannot pay their debts has their money and property taken over and managed by a trustee who uses it to pay back creditors. The debtor is then called a bankrupt. A written law made by parliament. Also called an ‘Act of parliament’, ‘statute’ or legislation. (s 7) does not cover companies.
Can minors be bankrupted?
A person younger than 18 can be made bankrupt (s 7(1A)), but not if the debts that trigger the bankruptcy are unenforceable under An agreement that the law will enforce. law due to the person’s age.
Can citizens of other countries be bankrupted?
Debtors who do not have Australian citizenship or residency can become bankrupt if they live in Australia or have a business connection with Australia (for more details on what kind of business connection is required, see ss 7(1), 43).