Bankruptcy is a process triggered when an individual becomes insolvent, and unable to meet their financial obligations. Whether initiated by creditors or the debtor themselves, our approach to administering an individual's affairs is focused on practicality and efficiency, while ensuring the needs of all relevant stakeholders are addressed.
- For Debtors: Bankruptcy can offer relief from the pressures of existing creditors and the discharge of most unsecured debts. Our team is dedicated to guiding you through this challenging process, with experienced staff available to provide clear explanations and explore the available options to manage your financial affairs effectively.
- For Creditors: Bankruptcy serves as an avenue for creditors to recover outstanding debts from individuals. As one of Australia's largest bankruptcy practices, our experienced team identifies any viable claims and seeks to realise assets to maximise returns for creditors. Our commitment to a commercial approach ensures the best possible outcome for all parties involved.
Personal insolvency agreement
A personal insolvency agreement (PIA) is a formal agreement between an individual and their creditors, offering a flexible approach to resolving outstanding debts without bankruptcy.
Cor Cordis specialises in helping individuals customise a proposal that outlines the management of their assets and debts. We collaborate closely with individuals and their creditors to secure the most favourable outcome for all parties involved.
Informal arrangements present an opportunity to regain financial control, a faster and more affordable approach compared to formal insolvency procedures.
We’re able to offer and implement alternative solutions, distinct from formal insolvency appointments, to ensure all parties benefit.
Property sale – statutory trustee
A statutory trustee maybe designated when you encounter difficulties in resolving a property dispute with one or more co-owners. This situation can arise from circumstances like divorce, partnership dissolution, or bankruptcy. The Court appoints a statutory trustee to oversee the property's marketing and sale and distribute the net proceeds from the sale to the concerned parties.