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’.

Posted by Michael Murray

Michael is a lawyer and writer on insolvency and reconstruction law and practice, personal insolvency, corporate governance, regulation, government law, and business ethics, among others. He is qualified in law and insolvency, and in criminology and its connected disciplines. Michael is a Fellow of the Australian Academy of Law.