26. What is Bankruptcy and what does a Trustee do?

Make no mistake, bankruptcy and liquidation are separate. Bankruptcy may be a result for you if there is a liquidation of your company, but in Australia, the company itself cannot go bankrupt. Only you can, as bankruptcy applies to personal debt. Find out how this applies and when.

What is the job of a bankruptcy trustee and when should you contact one? When should
someone contact the Australian Financial Security Administration (AFSA) versus trying to find a
private bankruptcy trustee? All this and more as we continue our talk with Director’s Advocate
Cheryl Stainsby.

For more discussions on bankruptcy and what it means for those who file it, be sure to tune in to
Cheryl Stainsby's new 'Deep Dive' podcast: Surviving Bankruptcy.