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Jun 04, 2020


The same rules apply whether someone makes you bankrupt (a creditor’s petition) or you make yourself bankrupt (Debtor Application ). As with a trust deed, a trustee is appointed to deal with your assets and liabilities. You may have to make a contribution from earnings if you have the ability to do so. Although you will usually receive your automatic discharge after 1 year, you may be required to make a contribution from earnings for a period of 3 years.

Advantages of Sequestration:

Disadvantages of Sequestration:

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