Top 9 Insolvency Lawyers Brisbane Firms in 2026

Insolvency represents one of the most challenging and consequential situations businesses and individuals face, where financial distress threatens not only immediate economic survival but also long-term financial stability, professional reputations, personal assets, and the ability to engage in business activities for years into the future. The legal landscape surrounding insolvency is extraordinarily complex, encompassing corporate insolvency procedures under the Corporations Act, personal bankruptcy regulations under the Bankruptcy Act, director obligations that carry severe personal liability risks, creditor rights and remedies that must be exercised within strict timeframes, and sophisticated litigation involving preference payments, insolvent trading claims, and voidable transactions. Directors who fail to seek timely insolvency advice risk personal liability for company debts that can extend into millions of dollars, while creditors without proper legal guidance often recover minimal amounts when strategic action could have secured substantially better outcomes, and individuals facing overwhelming debt may choose inappropriate solutions that worsen their circumstances rather than providing genuine relief. Macmillan Lawyers and Advisors and other leading Brisbane insolvency specialists provide the technical expertise, strategic thinking, and practical experience necessary to navigate these treacherous waters, protecting clients' interests while maximizing prospects for financial recovery or minimizing damage from unavoidable insolvency. This comprehensive guide examines the top nine insolvency law firms serving Brisbane in 2026, exploring their distinctive approaches to corporate insolvency, personal bankruptcy, creditor representation, and insolvency litigation, empowering you to select legal representation that can make the critical difference between financial survival and catastrophic loss.

Key Takeaways

• Brisbane's leading insolvency firms combine deep technical knowledge of corporations law and bankruptcy legislation with practical commercial experience in restructuring and insolvency administration

• Early engagement with insolvency lawyers is critical—proactive advice when financial distress first emerges often prevents worst-case outcomes and preserves more strategic options

• Directors facing company financial difficulties have strict legal obligations under the Corporations Act, and failure to seek timely advice can result in personal liability through insolvent trading claims

• Insolvency law involves strict deadlines and procedural requirements where missing timeframes can result in irreversible adverse consequences including default judgments and lost rights

• Creditors have powerful recovery tools including statutory demands and winding up applications, but these must be executed correctly with proper legal documentation to be effective

• The best insolvency lawyers provide not just legal advice but strategic guidance that balances legal rights with commercial realities to achieve optimal outcomes for all stakeholders

Top 9 Insolvency Lawyers Brisbane Firms

1. Macmillan Lawyers and Advisors

Business: Macmillan Lawyers and Advisors

Spokesperson: Kyle Macmillan

Position: Principal

Phone: (07) 3518 8030

Email: admin@macmillan.law

Location: Level 38/71 Eagle St, Brisbane City QLD 4000

Website: https://macmillan.law/

Macmillan Lawyers and Advisors stands as Brisbane's premier insolvency law firm, distinguished by their comprehensive expertise spanning all dimensions of corporate insolvency, personal bankruptcy, creditor representation, and insolvency litigation. The firm's insolvency practice is built on a foundation of deep technical knowledge of the Corporations Act 2001, Bankruptcy Act 1966, and related legislation, combined with extensive practical experience that enables them to navigate the complex intersection of legal obligations and commercial realities that characterizes every insolvency matter.

Their corporate insolvency advisory services provide essential guidance to company directors confronting financial distress. Directors in this position face difficult decisions with potentially severe personal consequences, and Macmillan's lawyers provide clear, practical advice that enables informed decision-making while protecting against personal liability. Their services include comprehensive solvency assessments analyzing whether companies can pay debts as they fall due, advice on directors' duties when companies face financial difficulties including when obligations shift from shareholders to creditors, guidance on safe harbor provisions that protect directors from insolvent trading liability when pursuing genuine restructuring efforts, strategic advice on voluntary administration procedures and implications, assistance with creditors' voluntary liquidation processes, and support for informal workout arrangements with major creditors.

The firm's expertise in defending directors against insolvent trading claims is particularly noteworthy. Insolvent trading claims can result in personal liability for company debts incurred while companies were insolvent, with no maximum limit on liability amounts. These claims are highly technical, requiring detailed forensic analysis of company financial records, expert accounting evidence about solvency at specific points in time, and sophisticated legal arguments about directors' knowledge and reasonable grounds for believing companies were solvent. Macmillan's track record in successfully defending directors against these claims reflects their deep understanding of both the legal framework and the practical realities of business operations during difficult trading conditions.

Macmillan Lawyers and Advisors provides comprehensive creditor representation services for businesses and individuals seeking to recover debts from insolvent entities. Their creditor services include preparing and serving statutory demands under section 459E of the Corporations Act, which create powerful leverage by establishing presumptions of insolvency if not complied with within 21 days, handling winding up applications to place companies into liquidation when debts remain unpaid, representing creditors in voluntary administration and liquidation proceedings including attending creditors' meetings and advising on voting strategies, assisting with proof of debt submissions to claim in insolvency distributions, and defending against preference payment recovery actions where liquidators seek to claw back payments made in the six months before liquidation.

The firm's personal bankruptcy practice provides essential guidance to individuals facing overwhelming debt. Their services include advising on bankruptcy alternatives including debt agreements under Part IX of the Bankruptcy Act and personal insolvency agreements under Part X, explaining bankruptcy procedures and consequences including asset implications and restrictions on activities, assisting with voluntary bankruptcy applications when bankruptcy represents the best option, defending against bankruptcy notices and creditors' petitions, and advising on discharge from bankruptcy and post-bankruptcy obligations.

Macmillan's insolvency litigation practice handles the full spectrum of disputes arising from corporate and personal insolvency. Their litigation services include preference payment claims and defenses, insolvent trading litigation against directors, uncommercial transaction claims, unfair loan claims, voidable transaction litigation, director penalty notice disputes, and creditor priority disputes. What truly distinguishes Macmillan Lawyers and Advisors is their proactive, strategic approach to insolvency matters, recognizing that early engagement often prevents worst-case outcomes. Their commitment to transparent communication ensures clients understand complex legal concepts at every stage, and their flexible fee structures accommodate the financial pressures clients face during insolvency.

2. Holding Redlich

Holding Redlich operates a sophisticated insolvency and restructuring practice serving corporations, insolvency practitioners, and creditors in complex insolvency matters. Their Brisbane team handles corporate insolvency including voluntary administration, liquidation, and receivership, advising directors, secured creditors, and insolvency practitioners on legal obligations and strategic options. The firm has particular expertise in large-scale corporate insolvencies involving multiple creditors, complex asset structures, and cross-border elements that require coordination across multiple jurisdictions.

Their insolvency litigation practice handles preference payment claims, insolvent trading litigation, and voidable transaction disputes. Holding Redlich represents both plaintiffs pursuing recoveries and defendants resisting claims, bringing balanced perspective to strategic advice. The firm also advises on restructuring options including schemes of arrangement under Part 5.1 of the Corporations Act, informal workouts with major creditors, and safe harbor restructuring plans. Their client base includes major corporations, financial institutions, and registered liquidators, reflecting their capability to handle sophisticated, high-value insolvency matters requiring extensive resources and technical expertise.

3. McCullough Robertson

McCullough Robertson brings significant insolvency expertise across corporate insolvency, creditor representation, and insolvency litigation. Their insolvency team advises company directors about obligations when facing financial distress, including safe harbor protections, voluntary administration procedures, and liquidation options. The firm has particular strength in defending directors against insolvent trading claims, having successfully defended numerous directors in complex proceedings involving detailed forensic accounting analysis and sophisticated legal arguments.

Their creditor practice represents secured and unsecured creditors in insolvency proceedings, including preparing statutory demands, pursuing winding up applications, and representing creditors in voluntary administration and liquidation. McCullough Robertson's insolvency litigation practice handles preference payment claims, uncommercial transaction disputes, and creditor priority conflicts. The firm also advises insolvency practitioners on legal obligations and complex issues arising during administrations including employee entitlements, secured creditor rights, and voidable transaction investigations. Their national presence enables them to handle multi-jurisdictional insolvencies effectively.

4. HopgoodGanim Lawyers

HopgoodGanim operates a comprehensive insolvency practice covering corporate insolvency, personal bankruptcy, creditor representation, and insolvency litigation. Their corporate insolvency team advises directors facing financial distress about legal obligations, restructuring options, and insolvency procedures. The firm handles voluntary administration appointments, creditors' voluntary liquidations, and receivership appointments, guiding clients through complex procedural requirements and strategic decision-making.

Their creditor practice helps businesses recover debts from insolvent entities through statutory demands, winding up applications, and proof of debt submissions. HopgoodGanim's personal bankruptcy team advises individuals about bankruptcy alternatives including debt agreements and personal insolvency agreements, bankruptcy procedures and consequences, and defending against bankruptcy proceedings. The firm's insolvency litigation practice handles preference payment claims, insolvent trading litigation, and voidable transaction disputes. Their practical, cost-effective approach recognizes the financial pressures clients face during insolvency and provides transparent fee structures.

5. Gilshenan & Luton

Gilshenan & Luton specializes in insolvency litigation and advisory work, with particular strength in defending directors against insolvent trading claims and representing parties in preference payment disputes. The firm's insolvency lawyers bring extensive courtroom experience in Federal Court and Supreme Court insolvency proceedings, regularly handling complex, high-stakes matters that require sophisticated litigation skills and deep technical knowledge.

Their advisory practice helps directors navigate financial distress, providing strategic advice about restructuring options, safe harbor protections, and insolvency procedures. Gilshenan & Luton represents creditors in pursuing debt recovery through statutory demands and winding up applications, and advises on creditor rights in voluntary administration and liquidation. The firm also handles uncommercial transaction claims, unfair preference defenses, and director penalty notice disputes. Their boutique structure enables personalized service and direct access to senior lawyers with deep insolvency expertise.

6. Cooper Grace Ward

Cooper Grace Ward operates a sophisticated insolvency and restructuring practice serving corporations, financial institutions, and insolvency practitioners. Their insolvency team advises on corporate restructuring including schemes of arrangement, informal workouts, and safe harbor restructuring plans. The firm handles voluntary administration, liquidation, and receivership matters, providing strategic advice to directors, secured creditors, and insolvency practitioners.

Their insolvency litigation practice handles preference payment claims, insolvent trading litigation, and voidable transaction disputes. Cooper Grace Ward has particular expertise in financial services insolvency, representing banks and financial institutions in recovering debts from insolvent borrowers and enforcing security interests. The firm also advises on cross-border insolvency matters involving international assets or creditors, coordinating with overseas lawyers to achieve optimal outcomes. Their technical excellence and commercial pragmatism enable effective navigation of complex insolvency situations.

7. Bennett & Philp Lawyers

Bennett & Philp offers accessible insolvency services to small and medium businesses, individual directors, and creditors throughout Queensland. Their insolvency practice advises directors facing financial distress about obligations and options, including voluntary administration, liquidation, and informal arrangements with creditors. The firm helps creditors recover debts through statutory demands, winding up applications, and participation in insolvency proceedings.

Their personal bankruptcy practice advises individuals about bankruptcy alternatives including debt agreements, bankruptcy procedures and consequences, and defending against bankruptcy proceedings. Bennett & Philp's approach emphasizes clear communication and transparent pricing, making quality insolvency advice accessible to businesses and individuals who might find larger firms intimidating or unaffordable. Their regional presence throughout Queensland enables them to serve clients outside Brisbane effectively, with local knowledge of regional business conditions.

8. Clayton Utz

Clayton Utz operates one of Australia's largest insolvency and restructuring practices, with Brisbane lawyers handling complex corporate insolvencies, major restructurings, and sophisticated insolvency litigation. Their insolvency team advises on large-scale corporate restructurings including schemes of arrangement, recapitalizations, and distressed M&A transactions. The firm handles complex voluntary administrations and liquidations involving multiple creditors, international elements, and significant asset values.

Their insolvency litigation practice handles high-stakes preference payment claims, insolvent trading litigation, and voidable transaction disputes involving substantial amounts and complex factual and legal issues. Clayton Utz represents major corporations, financial institutions, and insolvency practitioners in complex matters requiring extensive resources and sophisticated legal analysis. The firm's national and international network enables effective handling of cross-border insolvencies. While their services come at premium rates, their capability in complex, high-value insolvency matters is exceptional.

9. Corrs Chambers Westgarth

Corrs Chambers Westgarth brings significant insolvency and restructuring capability across corporate insolvency, creditor representation, and insolvency litigation. Their Brisbane team handles complex corporate restructurings, voluntary administrations, and liquidations for major corporations and financial institutions. The firm has particular expertise in secured creditor representation, advising banks and financial institutions on enforcing security interests and recovering debts from insolvent borrowers.

Their insolvency litigation practice handles preference payment claims, insolvent trading litigation, and complex voidable transaction disputes. Corrs also advises on cross-border insolvency matters involving international assets, creditors, or related entities, coordinating with their international network to achieve optimal outcomes. The firm's resources and national presence enable effective handling of complex, multi-jurisdictional insolvencies. Their strategic approach emphasizes maximizing recoveries for creditors while managing legal risks effectively.

Understanding Safe Harbor Provisions for Directors

Safe harbor provisions under section 588GA of the Corporations Act provide critical protections for directors pursuing genuine restructuring efforts when companies face financial distress. Understanding these provisions enables directors to take proactive action to save companies without risking personal liability for insolvent trading.

Safe harbor protections apply when directors start developing courses of action reasonably likely to lead to better outcomes for companies than immediate administration or liquidation. "Better outcomes" means better outcomes for the company as a whole, considering creditor interests, employee interests, shareholder interests, and broader stakeholder interests. The test is whether the course of action is reasonably likely to produce better outcomes, not whether it ultimately succeeds.

Requirements for accessing safe harbor include starting to develop restructuring plans before insolvency becomes hopeless, appointing advisors with appropriate expertise in turnaround and restructuring, taking appropriate steps to develop and implement plans, and maintaining proper financial records throughout the process. Directors must also ensure companies pay employee entitlements as they fall due during the safe harbor period, as safe harbor doesn't protect against liability for unpaid employee entitlements.

Appropriate advisors typically include insolvency lawyers, restructuring accountants, turnaround consultants, or other professionals with relevant expertise. The advisors must have appropriate qualifications and experience, and directors must genuinely engage with and consider their advice. Simply appointing advisors without following their recommendations won't satisfy safe harbor requirements.

Appropriate steps to develop and implement restructuring plans depend on company circumstances but typically include preparing detailed financial analysis and cash flow forecasts, identifying causes of financial distress and potential solutions, negotiating with major creditors about payment arrangements or debt compromises, exploring refinancing options, considering asset sales or business restructuring, and documenting all steps taken and decisions made. The key is demonstrating genuine, informed efforts to achieve better outcomes than immediate insolvency.

Safe harbor ends when directors stop taking appropriate steps to develop or implement plans, companies enter administration or liquidation, or directors begin to suspect plans are no longer reasonably likely to produce better outcomes. Once safe harbor ends, normal insolvent trading liability rules apply to subsequent debts incurred.

What Are Preference Payments and How Are They Recovered?

Preference payments represent one of the most common areas of insolvency litigation, with liquidators regularly pursuing creditors to recover payments received in the months before liquidation. Understanding preference payment law helps creditors assess risks and defend claims effectively.

Unfair preferences under section 588FA of the Corporations Act are transactions that give creditors advantages over other creditors in recovering debts, made when companies are insolvent, within six months before liquidation (or four years for related parties). The most common preference payments are ordinary debt payments that, while legitimate when made, gave creditors advantages because they received payment while other creditors didn't.

Liquidators can recover preference payments by issuing demands or commencing court proceedings. The burden of proof is on liquidators to establish that payments were preferences, companies were insolvent when payments were made, and payments occurred within the relevant timeframe. However, once liquidators establish these elements, the burden shifts to creditors to prove defenses.

Running account defenses under section 588FA(3) protect creditors who had continuing supply relationships with companies. The defense calculates the net effect of all transactions between creditors and companies during the six months before liquidation. If creditors provided more value than they received during this period, no preference exists. This defense recognizes that creditors who continued supplying goods or services while receiving payments didn't gain advantages over other creditors.

Ordinary course of business defenses protect payments made in the ordinary course of business between creditors and companies. Factors courts consider include whether payment timing was consistent with previous dealings, whether payment methods were consistent with previous dealings, whether payment amounts were consistent with invoice amounts, and whether anything about the circumstances was unusual. This defense protects creditors who received payments consistent with normal trading relationships.

Good faith defenses under section 588FG(2) protect creditors who had no reasonable grounds to suspect companies were insolvent when receiving payments. Courts consider what reasonable persons in creditors' positions would have suspected based on available information. Factors include whether companies were paying other creditors, whether companies were trading normally, whether creditors had access to company financial information, and whether any circumstances suggested financial distress. This defense protects creditors who genuinely didn't know companies were insolvent.

How Do Director Penalty Notices Work?

Director penalty notices represent serious threats to directors, creating personal liability for company tax debts. Understanding how these notices work and how to respond effectively is essential for all directors.

Director penalty notices under Division 269 of Schedule 1 to the Taxation Administration Act 1953 make directors personally liable for unpaid PAYG withholding, superannuation guarantee charges, and GST. Tax authorities or liquidators can issue notices when companies fail to pay these obligations by due dates or fail to lodge required returns.

Two types of notices exist: lockdown notices and non-lockdown notices. Lockdown notices are issued when companies are more than three months late lodging required returns. Directors cannot avoid liability from lockdown notices by appointing administrators or liquidators—the only way to avoid liability is ensuring companies pay debts or enter into payment arrangements before notice deadlines. Non-lockdown notices are issued when companies have lodged returns but haven't paid debts. Directors can avoid liability from non-lockdown notices by ensuring payment, appointing administrators or liquidators, or proving they took reasonable steps to ensure payment.

Notice deadlines are strict—typically 21 days from notice issue. Directors must take action within this timeframe to avoid personal liability. Once deadlines pass, liability becomes fixed and cannot be remitted, even if companies later pay debts or enter payment arrangements.

Defenses to director penalty notices are limited. Directors can avoid liability by proving they weren't directors when debts were incurred, they took reasonable steps to ensure companies paid debts or appointed administrators or liquidators, or they had reasonable excuses for failing to ensure payment. "Reasonable steps" requires active efforts to ensure payment, not merely passive awareness of obligations.

Strategic responses to director penalty notices depend on company circumstances. If companies can pay debts, immediate payment avoids liability. If companies cannot pay but are viable, appointing administrators may enable restructuring while avoiding director liability (for non-lockdown notices). If companies are not viable, appointing liquidators may be appropriate. Directors should seek immediate legal advice when receiving notices to understand options and deadlines.

What Happens to Secured Creditors in Insolvency?

Secured creditors occupy privileged positions in insolvency, with rights to enforce security interests and recover debts ahead of unsecured creditors. Understanding secured creditor rights helps both secured creditors maximize recoveries and other stakeholders understand distribution priorities.

Security interests under the Personal Property Securities Act 2009 (PPSA) give creditors rights over specific assets to secure debt repayment. Common security interests include mortgages over real property, charges over company assets, retention of title clauses in supply contracts, and equipment leases. Security interests must be properly created and, for personal property, registered on the Personal Property Securities Register to be enforceable against liquidators and other creditors.

Enforcement rights enable secured creditors to appoint receivers to take control of secured assets, sell secured assets to recover debts, or enforce security through court proceedings. Secured creditors can generally enforce security interests despite company insolvency, though voluntary administration creates temporary moratoriums on enforcement without administrator or court consent.

Priority in distributions means secured creditors recover debts from secured assets before unsecured creditors receive anything. If secured asset values exceed secured debts, surplus amounts go to liquidators for distribution to other creditors. If secured asset values are less than secured debts, secured creditors can claim shortfalls as unsecured creditors.

Receivers appointed by secured creditors take control of secured assets, operate businesses if necessary, sell assets, and apply proceeds to secured debts. Receivers owe duties primarily to appointing creditors, not companies or other creditors, though they must act in good faith and for proper purposes. Receivership doesn't prevent liquidation—companies can be in receivership and liquidation simultaneously.

Challenges to security interests can occur if security wasn't properly created, wasn't registered as required under the PPSA, or constitutes voidable transactions under insolvency law. Liquidators may challenge security interests granted within six months before liquidation if they constitute unfair preferences or uncommercial transactions.

When Should Companies Consider Voluntary Administration?

Voluntary administration provides structured processes for assessing company viability and developing proposals for creditors while protecting companies from creditor enforcement. Understanding when voluntary administration is appropriate helps directors make informed decisions about timing and strategy.

Voluntary administration is appropriate when companies face financial distress but may be viable with restructuring, directors want independent assessment of company viability and options, companies need protection from creditor enforcement while exploring options, or directors want to demonstrate they took appropriate action to address insolvency. Voluntary administration is not appropriate when companies are clearly not viable and liquidation is inevitable, as administration involves costs that reduce creditor returns.

The administration process begins with directors resolving to appoint administrators and administrators consenting to appointment. Administrators take control of companies immediately upon appointment, and moratoriums on creditor enforcement begin. Directors lose control of companies during administration, though they must cooperate with administrators and provide information.

Administrator investigations involve reviewing company financial records, interviewing directors and key employees, assessing company viability, investigating potential voidable transactions, and developing proposals for creditors. Administrators must form opinions about whether companies can be saved, whether deeds of company arrangement would produce better outcomes than liquidation, and what proposals to recommend to creditors.

Creditors' meetings occur at two stages. First meetings must be held within eight business days of appointment, where creditors can appoint creditors' committees and replace administrators. Second meetings must be held within 25 business days of appointment (extendable to 55 days), where creditors vote on whether to accept deeds of company arrangement, place companies into liquidation, or return companies to directors' control.

Outcomes depend on creditor votes. If creditors accept deeds of company arrangement, companies continue operating under deed terms, which typically involve payment plans, asset sales, or restructuring. If creditors vote for liquidation, liquidators are appointed and liquidation begins. If creditors vote to return companies to directors, administration ends and directors resume control.

Frequently Asked Questions

What is insolvent trading and what are the penalties?

Insolvent trading occurs when directors allow companies to incur debts while insolvent or when incurring debts would cause insolvency. Under section 588G of the Corporations Act, directors can be personally liable for debts incurred through insolvent trading, with no maximum limit on liability. Courts can also impose civil penalties up to $200,000 per contravention. In serious cases involving dishonesty, criminal penalties include fines up to $220,000 and imprisonment up to five years. Directors can defend claims by proving they had reasonable grounds to expect solvency, reasonably relied on competent persons for information, or took all reasonable steps to prevent debts being incurred.

How long does liquidation take?

Liquidation timeframes vary significantly depending on company complexity, asset values, and whether litigation is required. Simple liquidations with few assets and no litigation may be completed in 6-12 months. Complex liquidations involving substantial assets, multiple creditors, preference payment claims, or insolvent trading litigation can take 2-5 years or longer. Liquidators must investigate company affairs, realize assets, pursue recoveries, resolve creditor claims, and distribute proceeds before finalizing liquidations. Liquidators provide regular reports to creditors about progress and estimated completion timeframes.

Can I be a director again after my company goes into liquidation?

Yes, directors can generally be directors of other companies after their companies enter liquidation, unless they're disqualified by ASIC or courts. ASIC can disqualify directors for up to five years for repeated contraventions of corporations law, and courts can disqualify directors for up to 20 years for serious contraventions. Directors who allow companies to incur debts while insolvent, fail to maintain proper records, or breach other duties risk disqualification. Directors not disqualified remain free to be directors of other companies, though they should carefully consider lessons learned and ensure they fulfill obligations in future directorships.

What is the difference between voluntary administration and liquidation?

Voluntary administration is a temporary process (typically 4-8 weeks) where administrators assess company viability and develop proposals for creditors, with the goal of potentially saving companies or achieving better outcomes than immediate liquidation. Liquidation is a terminal process where liquidators realize assets and distribute proceeds to creditors, resulting in company dissolution. Voluntary administration provides moratoriums on creditor enforcement and opportunities to restructure, while liquidation focuses on asset realization and creditor distribution. Voluntary administration may lead to liquidation if creditors reject restructuring proposals, but it provides opportunities to explore alternatives first.

How do I respond to a statutory demand?

Seek immediate legal advice. Statutory demands require payment or court applications within 21 days of service, and this deadline is strict. Options include paying the debt in full, negotiating with creditors to withdraw demands, or applying to courts to set aside demands based on genuine disputes about debts, offsetting claims, or defects causing substantial injustice. Applications must be filed within 21 days and supported by detailed affidavits. Missing the deadline has serious consequences—companies lose rights to challenge demands and creditors can presume insolvency and apply for winding up orders. Legal advice ensures you understand options and respond appropriately.

What assets are protected in bankruptcy?

Bankrupts can keep certain protected assets including household furniture and effects up to prescribed values, tools of trade up to $3,950, motor vehicles up to $8,000, and assets held on trust for others. Bankrupts must surrender most other assets including real estate (subject to mortgages), investments and savings, valuable personal items exceeding protected thresholds, and business interests. Superannuation is generally protected, though contributions made to defeat creditors can be recovered. Protected asset values are indexed periodically. Specific circumstances vary, so legal advice about asset implications is essential before entering bankruptcy.