A sum of money that a Bankrupt is required to pay to their Trustee from their income. It is normally called a compulsory income contribution and is based on a statute based formula.
May 10
INCOME CONTRIBUTION
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- Voluntary Administration
Voluntary Administration is a process where an insolvent company appoints an independent administrator to assess all available options and produce the best resolution for the company and its creditors
- Creditors Voluntary Liquidation
A creditors’ voluntary liquidation occurs when the company’s members determine that the company can no longer satisfy its debts
- Small Business Restructuring
Small Business Restructuring provides a company time to put forward a plan to creditors to pay off their liabilities
- Court Liquidation
A court liquidation involves a liquidator being appointed to realise the company’s assets, investigate the company’s failure and disburse the funds to creditors according to priority
- Receivership
A receivership is an option for secured creditors to recover unresolved debts under a secured loan in the event that a business defaults on its loan payments
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- Personal Insolvency Agreements
A Personal Insolvency Agreement (also known as Part X or Part 10) is a legally binding agreement between a debtor and creditors to satisfy their debts.
- Deceased Estate
The term Deceased Estate refers to all the assets, liabilities and debts that belong to a person who has passed away.
- Statutory Trustee
A Statutory Trustee is a person or persons appointed by the Court for the purpose of selling real property, such as land and the houses or buildings on it.
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