Bankruptcy is a way to relieve a person of debts they owe to creditors, and where possible, repay those debts from the bankrupt’s estate. It also acts as a security measure as the Official Assignee is granted powers to oversee and control the financial affairs of the bankrupt.

Once adjudicated bankrupt, there are many duties that the bankrupt must comply with so that these purposes are fulfilled. There are also severe consequences for the bankrupt who breaches these duties.

For a full analysis and relevant considerations for creditors, we refer you to the article by Norling Law:

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