Trustees in Melbourne
Insolvency Guardian Melbourne can help you to understand the role and responsibilities of Trustees in Melbourne. A Trustee plays a large role in bankruptcy and it is crucial that you understand what a Trustee is and what they do. If your debt has spiraled out of control and you are facing the possibility of bankruptcy then it is crucial that you seek professional advice as soon as possible.
Insolvency Guardian Melbourne has helped hundreds of people through the process of bankruptcy and our consultants can help you to find the best way through this difficult time. A typical bankruptcy will last for three years but our team of consultants have successfully helped people to navigate bankruptcy faster by creating a section 73 proposal that is beneficial to both the bankrupt party and their creditors.
A section 73 proposal is presented to creditors by a Trustee and if successful your bankruptcy will be annulled. This is just one example of the duties performed by a Trustee, their role means that they will be doing a lot more.
A Trustee is in charge of making investigations into the estate of a bankrupt to examine their financial affairs. The Trustee will examine the estate to ascertain if any invalid transactions have been made, for example the Trustee transfers and/or transactions made as preferential payments.
A Trustee has the ability to report their findings to the Insolvency and Trustee Service Australia (ITSA). The Trustee will conduct all investigations in an unbiased manner in order to gather an accurate value of the bankrupt estate. After the Trustee has established the value of the bankrupt estate they will make appropriate distributions to creditors to satisfy their debt.