Bankrupt Estate

Michael Jones

The Matter

  1. The bankrupt had a long running dispute with family over the sale of unencumbered property in Sydney.
  2. The bankrupt failed to pay the strata levies on second property.
  3. The bankrupt suffered from a poor cashflow position.
  4. The bankrupt did not have the ability to resolve the issues with family nor pay the outstanding levies.

The Resolution

  1. An agreement was reached between the parties for the sale of the property over which there was a dispute.
  2. The bankrupt moved residence into the unit.
  3. All creditors were paid in full including interest on their debts.
  4. The bankrupt received a healthy refund of surplus funds.

The Outcome

  1. The bankrupt is now debt free, has significant funds on which to live going forward and the dispute within the family has been resolved.
  2. Creditors were paid in full.
  3. Prolonged litigation between the parties over the property is now no longer required