If a person (or debtor) owes you or your business $10,000 or more, you may be able to apply to make them bankrupt.
However, we suggest before making someone bankrupt that you first try to negotiate an informal payment agreement.
Find out more about the process to apply for a bankruptcy notice or make them bankrupt.
If you are a creditor in a bankruptcy or debt agreement, your rights to pursue them for payment may change.
The following pages outline common debt categories and how they are classified under the Bankruptcy Act 1966, together with information about your rights as a creditor.
Meetings of creditors are called for various reasons, the most common being:
- consider an offer of composition or scheme of arrangement in full settlement of debts (special resolution required)
- for the trustee to inform creditors about the conduct of the administration
- to change trustees.