Bankruptcy and Insolvency

Insolvency - The inability to satisfy creditors or discharge liabilities. Early legislation in NSW addressed insolvency rather than bankruptcy.

Bankruptcy - Bankruptcy is similar, but not identical to insolvency. Bankruptcy involves the...

Not digitised

Bankruptcy is a state in which a person is unable to pay creditors and is required to undergo a legal process that usually results in liquidation of his/her estate in order to meet expenses (at least in part). It is similar, but not identical to insolvency....

Not digitised

Insolvency is the inability to pay debts or meet expenses. Under early colonial law insolvency was treated as a different concept to bankruptcy (which involved an insolvents assets being administered and distributed to creditors).