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184.108.40.206 — A debtor may become bankrupt by:
- voluntarily declaring himself/herself bankrupt
- the Department using bankruptcy as a means of recovery
- another creditor using bankruptcy to recover a debt owed to him/her.
220.127.116.11 — On becoming bankrupt, all responsibility for the bankrupt's assets and debts passes to the Official Receiver in Bankruptcy or to a private bankruptcy trustee.
18.104.22.168 — Subject to section 149 in the Bankruptcy Act 1966, a bankrupt will be discharged three (3) years after the date of being declared bankrupt. The exceptions are where:
- the bankruptcy has been discharged early
- the bankrupt is undischarged from an earlier bankruptcy; or
- the bankrupt has become bankrupt again since the bankruptcy.