the legalities of bankruptcy isnt my strong point,
I was looking at a property for sale and realised its a person I used to know professionally for a short period of time, who owns it
anyway, assuming its a one man operation, and they are a single director,
they have purchased a property or two in pty ltd. ie a $2 shelf company
anyway, I contacted the agent to ask why they were selling as it was a fairly short period of time,
got told "oh all correspondance needs to go to the bank"
so it looks like the bank has repossesed or taken over.
does that mean the director has already been bankrupted, or is inevitable too???
I know with bankruptcy the protocol is that the director cant be a director again for 5-7 years, your credit is stuffed for 3 years, and full doc loans and even credit cards can be a problem for 5+ years AFTER the bankprutcy period
any legal experts out there?
I was looking at a property for sale and realised its a person I used to know professionally for a short period of time, who owns it
anyway, assuming its a one man operation, and they are a single director,
they have purchased a property or two in pty ltd. ie a $2 shelf company
anyway, I contacted the agent to ask why they were selling as it was a fairly short period of time,
got told "oh all correspondance needs to go to the bank"
so it looks like the bank has repossesed or taken over.
does that mean the director has already been bankrupted, or is inevitable too???
I know with bankruptcy the protocol is that the director cant be a director again for 5-7 years, your credit is stuffed for 3 years, and full doc loans and even credit cards can be a problem for 5+ years AFTER the bankprutcy period
any legal experts out there?
Bank Repos for pty ltd implications?
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