Bankruptcy and Family Law – Recent Cases

Catch up on recent cases and developments dealing with bankruptcy and family law

Personal bankruptcies are expected to increase dramatically as we enter a “perfect storm” following the lifting of COVID measures, where interest rates are rising, property prices are falling and personal relationships have been negatively impacted by the pandemic and associated mental health impacts. 

It is timely to review the intersection of bankruptcy and family law property settlements. The session will cover recent cases on:

•    Overview of relationship between bankruptcy and family law

•    Standing of bankrupt in family law property proceedings generally, and in appeals

•    Stay of legal proceedings until trustee elects under s 60 Bankruptcy Act 1966

•    Whether bankruptcy releases from obligations under property settlement orders

•    Application of s 121 Family Law Act 1975 forbidding publication of family law proceedings

•    Payment by trustee to secured creditor in family law property settlement proceedings

•    Lability of one party for share of income tax debt of the other

•    Whether bankrupt can be subsisted for the bankrupt as liable under a guarantee utilising s 90AE Family Law Act

•    Impact of Commissioner of Taxation v Bosanac [2021] FCAFC 158 on family law property settlements

Learning Outcomes:

Attendees will gain an understanding of:

•    The general principles for determining a property settlement where one party is bankrupt

•    Opportunities and traps for bankrupts, non-bankrupt spouses and trustees in bankruptcy

Suited to:

Family lawyers, accountants, insolvency practitioners and financial planners

This On Demand includes: 

• a recording of the webinar Event which can be viewed multiple times
• a PDF of the presenter’s PowerPoint
• a verbatim Transcript
• any supporting documentation
• a CPD Certificate after successful completion of the Knowledge Quiz