Many people are of the view that it would beeasier to bemade a bankrupt as this will release them of theirdebts. Though this may be true, they fail to realise that after being made a bankrupt, their assets become vested with the Official Assignee (OA) and aredivisible among their creditors. There is also a statutory requirement to file their income andexpenditure statements and their statement of affairs. A bankrupt cannot obtain credit of more than $500.00 without first disclosing that he or she is a bankrupt. You may even have to surrender your passport and your travel overseas will berestricted. A bankrupt will be able to act as a Director of a company oreven manage a business.
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