It’s certainly been in the news a lot this year. But is it the same for people and companies? What’s the famous Chapter 11? Is bankruptcy always the end of the road?
Australians are highly exposed to financial loss if an airline, tour operator or travel agency collapses, compared to travellers in the United Kingdom and Europe.
Wages are going backwards, loans are in arrears, companies are being kept alive by government support and an exemption from insolvency rules, yet still they are paying out dividends.
Debt agreements have become the fastest form of personal insolvency in Australia. But in many cases, there are better options available to manage debt.
South Korean Hanjin Shipping has ships and crews stranded in ports around the world as creditors and customers wait to see if the company can be saved.
Clive Palmer denies being a shadow director of Queensland Nickel, but in eyes of the law, it will be his involvement in business decisions that matters.