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Legal > Bankruptcy & Insolvency Law

Proofs of Debt:

Overview FAQs Articles Locations

Any creditor who wishes to prove a debt in bankruptcy must lodge a proof of debt with the trustee or liquidator. If a proof is lodged and is accepted, the creditor is said to have been admitted to the proof. A proof of debt may be lodged at any time after the date of bankruptcy. However, the trustee will usually call for proofs of debt when a meeting of creditors is imminent and voting rights must be determined. Our Sydney Bankruptcy Lawyers and Insolvency Solicitors have assisted trustees, liquidators and creditors deal with proofs of debt. Contact our office to speak with an experienced Bankruptcy Lawyer or Insolvency Solicitor.

A proof of debt must be in an approved form and contain the particulars of the debt and refer to any documents (such as invoices) supporting the claim. The trustee may require a statutory declaration to verify the proof.

Once in receipt of the proofs of debt, a trustee may accept or reject it in whole or in part or call for further evidence. In this respect, a trustee or liquidator acts in a quasi judicial role and can administer oaths or take affidavits and go behind judgments against the bankrupt to determine whether a proof of debt should be accepted.

A creditor unsatisfied with a trustee’s decision can appeal to the trustee firstly, and if still unsatisfied, can further appeal to the Court within 21 days of the trustee’s decision.

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