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Michael Murray’s on-going commentary on issues in corporate and personal insolvency law and related policy and law reform, in Australia and internationally. Given the scope of insolvency, this extends to business, consumer and professional conduct, and ethics, governance and regulation, criminal, tax, environmental and administrative law, and the courts and government.

 

A bankrupt’s list of ‘personal’ assets

The law requires those people in bankruptcy to record their assets and liabilities in a ‘statement of affairs’. It is an important document because the trustee needs to know what assets are available that can be sold to try to pay back creditors.  

Most ‘personal’ assets are protected, and for many people that is all they have to disclose, usually listed as ‘personal and household items’.

In my records, I have kept a copy of a person’s more detailed list of his personal assets, ‘and no more’.

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