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What is a Notice to Produce? Appeals From courts From other bodies Full Courts. Case Management Handbook. Communication Devices. The critical issue the Full Federal Court considered was whether the Federal Circuit Court committed an error of approach by misunderstanding the nature of the review proceeding and what consequences if any flowed from that. Citing Totev v Sfar , [6] the Court explained that the making of a sequestration order involves the exercise of judicial power.
A registrar is not a justice. Having considered the key cases, the Court summarised the principles of the nature of review by judges of the orders made by registrars under section of the Circuit Court Act particularly with respect to bankruptcy :. This was not a hearing de novo as required. Related resource An instruction sheet for completing the statement of affairs is located on the AFSA website.
Consequences of bankruptcy Some of the consequences of your bankruptcy which usually lasts for 3 years from the date you file your statement of affairs with AFSA include the following: The trustee can sell your assets or property to pay your creditors. However, beyond that, you will not have to pay most of your existing debts and demands from creditors should generally stop.
If you obtain assets while you are bankrupt, these assets may be sold by the trustee. If you own property such as a house or apartment , the property or your share of the property may be sold to pay your creditors. The trustee may also reclaim property you sold prior to becoming bankrupt. If you seek to get credit from another person, or pay for goods or services by cheque, over a certain specified amount, you must advise the person that you are bankrupt. As the limit changes regularly, it is best to contact AFSA for a current figure.
Reviewing the sequestration order Most sequestration orders are made in the Federal Circuit Court. Time limit If you want to apply for a review of a sequestration order made by a Registrar, you must make an application to the court within 21 days from the date of the sequestration order. Costs Even if you are successful in your application for review of the sequestration order, you may still be required to pay the legal costs of the other side.
Lodge your statement of affairs You should still lodge your statement of affairs once the sequestration order is made even if you are considering a review application, as you have 14 days from when you are notified of the bankruptcy to lodge your statement of affairs with the Australian Financial Security Authority. The Court make no order as to costs. Fees You will have to pay a fee when lodging the application with the court unless you qualify for a fee waiver, such as on the basis of financial hardship.
Prepare a Notice to Creditors Form B12 This notifies creditors that you are applying for a review of the decision of the Registrar to make a sequestration order. File the Application for Review and Notice to Creditors Form B12 with the court The forms will be stamped by the staff at the registry office of the court with a hearing date when you lodge the documents with the court.
You must serve both documents at least 7 days before the hearing of your application for review. Related resource Form B3 can be found on the Federal Court website.
More resources. What are the consequences of bankruptcy? What happens to the family home during bankruptcy? What happens when you receive a bankruptcy notice? Was this page helpful? Any comments? This field is for validation purposes and should be left unchanged. Stay connected, join our mailing list. Follow us.
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