For individuals, Bankruptcy has a number of areas where seeking legal advice is strongly recommended:

1. Putting a Debtor into bankruptcy: Should a Creditor meet certain requirements, they may petition a court with appropriate jurisdiction to make an order against the estate of the debtor.
2. Advising on whether to become voluntarily bankrupt: There are some circumstances where voluntarily entering into bankruptcy make be the best outcome for you.
3. Dealing with a Trustee in Bankruptcy: the property of the bankruptcy will vest in the Trustee in Bankruptcy, with a few exceptions.
   
   Additionally, certain legal claims will vest in the Trustee in Bankruptcy and extend beyond the expiration of the discharge of bankruptcy.
   
4. Bringing bankruptcy to an end: There are several ways to bring a bankruptcy to an end, such as an annulment or a discharge of the bankruptcy.
   
   For example, an annulment is to treat the bankruptcy as if the person had never been made bankrupt in the first place.
   However, this can have a number of significant consequences, such as reviding the claims against the debtor.
5. Debt Agreements: An alternative to bankruptcy for low-income debtors provided by Part IX of the Bankruptcy Act 1966 (Cth), Debt Agreements may provide a simple and inexpensive way to assist a debtor.

It is important to seek advice to understand which arrangement and strategy is best for you when dealing with situations in which bankruptcy arises.

In Victoria, insolvent businesses can be put into one of 3 options:

1. Voluntary Administration: The company’s directors appoint a voluntary administrator to take control of the company in an attempt to save it. If the company cannot be saved, the next step is often liquidation, unless it can be saved by a deed of company arrangement.
2. Receivership: A receiver can be appointed by a secured creditor during voluntary administration and liquidation to protect the interests and assets of the company's secured creditor(s).
3. Liquidation: A liquidator is appointed by the company's shareholders, secured creditors or a court to take control of the company, wind up its affairs in an orderly way and fairly distribute assets to creditors.

Goldsmiths Lawyers can assist you through every stage of this process and provide you with expert guidance and legal support tailored to the unique situation of your business.