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If a debtor owes a creditor $5,000 or more, the creditor can apply to the Official Receiver for a bankruptcy notice. A bankruptcy notice requires the debtor to pay the debt within 21 days. If they fail to pay the debt, they have committed an act of bankruptcy. Failure to comply with a bankruptcy notice is an act of bankruptcy and allows a creditor to apply to the court to declare someone bankrupt. Obtaining proper legal advice from a Debt Recovery and Insurance Lawyer may be greatly beneficial if you are in involved in a bankruptcy notice matter.

It has long been held that the bankruptcy notice must follow the judgment or order. A person who is for the time being entitled to enforce a final judgment or final order for the payment of money is deemed to be a creditor who has obtained a final judgment or final order.  A related requirement was that the notice must require payment in accordance with the judgment or order. In order to apply for the issue of a bankruptcy notice, a person must lodge with the Official Receiver a draft bankruptcy notice, a copy for the Official Receiver and sufficient copies for service and annexure to any required affidavits of service, and a sealed or certified copy of the judgment or order. Sound legal advice from a skilled Debt Recovery and Insurance Lawyer may be advantageous to ensure that any bankruptcy notice is properly drafted.

The prescribed form of bankruptcy notice makes provision for the identification of the person who applied for the bankruptcy notice, for instance the creditor or the creditor's authorised agent. There is also provision for the signature of that person. In the case of the authorised agent, the signature is expressed to be given as confirmation that the person is the authorised agent. A bankruptcy notice must be served within 6 months of its issue, or any further period the Official Receiver allows, whether within or outside that period. Proper legal advice in from a Debt Recovery and Insurance Lawyer may be of great assistance in this regard.

To apply for the issue of a bankruptcy notice, a person must lodge with the Official Receiver: an application in the approved form; and of the following documents in relation to the final judgment or final order specified by the person on the approved form: a copy of the sealed or certified judgment or order; a certificate of the judgment or order sealed by the court or signed by an officer of the court; a copy of the entry of the judgment or order certified as a true copy of that entry and sealed by the court or signed by an officer of the court. Sound legal advice in from a Debt Recovery and Insurance Lawyer may be of great assistance to ensure proper and adequate drafting.

If you would like further information or wish to discuss your bankruptcy notice matter with us please do not hesitate to contact us by telephone on (02) 9233 4048 or by email to info@navado.com.au. 

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