The Most Common Act of Bankruptcy Is Failure to Comply
The most common act of bankruptcy is failure to comply with a bankruptcy notice.
Arrangements under Part X of the Bankruptcy Act 1966 (Cth):
A) Are not enforceable by the creditors.
B) Are made under the supervision of the Official Trustee in Bankruptcy.
C) Are made without the intervention of the court.
D) Are made as part of the bankruptcy process.
The entry of a Part IX debt agreement in the National Personal Insolvency Index:
A) Prevents secured creditors from dealing with their security.
B) Releases the debtor from all provable debts as if they had been discharged from bankruptcy.
C) Releases all guarantors of the debtor's debts from liability.
D) Releases persons who owe debts jointly with the debtor from liability.
As an alternative to bankruptcy, a debtor may chose to enter voluntary administration.