For Individuals & Sole Traders
There are a number of reasons why someone can be overcome with financial debt.
It's not uncommon to fall into financial debt and it’s often not your fault or wrong doing.
Rising living costs, interest rates, job stresses and the like can leave you struggling to pay bills and leave you with rising debts and creditors knocking on your door.
The first step is to get the right advice so you can turn things around fast.
We believe that the course to overcoming adversity is navigated with knowledge, support, and actionable strategies tailored to your unique circumstances.
How we can help individuals.
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Personal Insolvency Agreements (PIA)
As a bankruptcy trustee we play a crucial role in managing a Personal Insolvency Agreement (PIA) within Australian law. We are responsible for overseeing the entire process, from the initial assessment of the debtor’s (your) financial situation to the final implementation of the agreement.
Bankruptcy Services
Engaging a trustee in a bankruptcy scenario ensures that the process is handled efficiently, legally, and with a professional approach.
With TTJ advisory by your side, we can provide you with a structured pathway through the complexities of bankruptcy, ensuring that all legal, financial, and administrative aspects are appropriately managed.
Deceased Estates
At TTJ Advisory, we understand the complexities that come with managing a deceased estate, particularly under the challenging circumstances of insolvency. As your appointed bankruptcy trustee, we are committed to handling every aspect of the estate with precision and empathy, prioritising the needs and rights of all creditors involved.
Statutory Trustee
Navigating the sale of jointly owned properties can hit rough patches, especially when disputes arise over selling terms, buyers, or pricing. In such scenarios, impartial intervention is essential to smooth out the process. As a Statutory Trustee, TTJ Advisory is an impartial third party appointed to oversee and manage trust operations, ensuring compliance with legal and regulatory requirements.
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What if the company can’t pay debts to creditors?In this case, you may need a Voluntary Administrator (VA) or a Small Business Restructuring (SBR) practitioner. TTJ Advisory can help by: Identifying tax debts tied to director penalties, Negotiating with creditors for debt compromises, Generating working capital through restructuring to address outstanding debts, and Sourcing funding through future profits, personal contributions, or third-party funds. This proactive approach gives you a structured plan to manage debts while preserving the company's ability to operate.
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Is liquidation necessary if i can’t pay the debts?In cases where there is no chance of recovery, commencing liquidation will stop the clock on the DPN and help directors avoid personal liability under certain circumstances. Our in house liquidator will assist you through the process.
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I have been issued a lockdown DPN - what do I do next?Lockdown Director Penalty Notices (DPNs) are issued to directors when a company fails to submit its business activity statements (BAS), instalment activity statements, or superannuation guarantee statements within three months of the due date. Once a lockdown DPN is issued, the penalty becomes fixed, meaning the director is personally liable for the unpaid debt. This liability cannot be removed or cancelled through any other means except by paying off the debt in full. Placing the company into voluntary administration or liquidation will not extinguish this personal liability.
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What are your options once you receive a lockdown DPN?Pay the Debt in Full: The most direct and essential option is to pay off the company’s tax debt in full. This is the only way to clear the liability imposed by a Lockdown DPN. Personal Insolvency Agreement (PIA): This is a legally binding agreement where the director makes a proposal to creditors (such as the ATO) to settle the debts over time or partially. A PIA allows the director to avoid bankruptcy, but it requires the appointment of a bankruptcy trustee to manage the agreement. The trustee will take control of the director's assets and administer the terms of the agreement, including negotiating with creditors. Bankruptcy: If the director is unable to pay the debt or arrange a PIA, declaring bankruptcy may be the final option. In this case, a bankruptcy trustee is appointed to manage the director’s assets and debts. The trustee will oversee the liquidation of assets to pay off the debts and handle communications with creditors, including the ATO.
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How are creditor payments prioritised in liquidation?Payments follow a set order, prioritising employee entitlements and secured creditors before other unsecured debts. Unsecured creditors can file claims and receive distributions based on available funds and the priority order.
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Frequently Asked Questions
