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Coronavirus (COVID-19) & Bankruptcy

We are currently facing the most turbulent times of this century; a magnitude we haven’t seen in almost 100 years. The coronavirus (or Covid-19) health pandemic is a worldwide disruptor that has caused significant impact across various sectors. As of early April 2020, over a million people worldwide have been infected with this virus and it has claimed the lives of almost 60,000 people who have fallen ill.

Whilst Australia has handled it far better than some other countries, and have carefully mandated measures to help control the spread, it is still affecting every aspect of our lives including:
  • Making us feel helpless
  • Causing great financial anxiety
  • Lack of social interaction
  • Health impacts (both physical and mental)
  • A slump in economic activity, and
  • Higher than usual levels of unemployment

Many governments including Australia have made the decision to close their borders and are requesting their residents to stay at home and only head out for essential activities. Different industries are going to be harder hit than others during the crisis itself, but everyone is going to feel the effects long after the virus has been controlled. We all know the trajectory – self isolation stops spending, a lack of spending slows down the economy, a slowing economy in turn brings about a cascading set of problems.

This of course sounds alarming and it is still unclear how long these measures are going to remain in place, with uncertainty of the final impact on the Australian and worldwide economy. In these times, it is very likely there will be opportunists that will seek to take advantage of this situation. If you have a business or know of someone whose business is impacted here in Australia, please seek professional advice from a qualified advisor.

The Australian Government made changes to the Bankruptcy law as part of the economic response to the Coronavirus. These temporary changes will be in place for six months from 25 March 2020.

If you have come to this website, you are on track.

The Australian Government stimulus package is well intentioned and has some good features. However, many of the stimulus packages are based on meeting certain conditions, and if you don’t meet the conditions, you don’t get the package. So, if you are relying on some or all of these stimulus packages to assist you and your business, please ensure you read the fine print to see if you qualify. You can find more information here on this website for individuals – and for businesses –

In the meantime, some questions you may want to ask yourself are:
  • Where do you sit in this environment, both personally and for your business?
  • Did you have a business that prior to COVID-19 was profitable or was your business struggling?
  • If your business was profitable, what actions are you taking to ensure it continues?

Talk to our trusted advisor, Andrew, now – this action is imperative to understand how to protect your business going forward.

If your business was struggling prior to the pandemic, it is possible that it may not change post COVID-19, without embracing a different approach.
  • Are you going to continue the struggle, with the stress it brings?
  • Are you going to put the business into hibernation, if so why?
  • Are you going to be proactive and take this opportunity to revisit the structure/operations of the business and examine whether the business can be saved and if not what your options are?
  • Can you afford to continue to pour money into a business that is not profitable – could this money be better spent elsewhere?

When the crisis is over and you must start repaying the rent, loans, creditors and even employees, and it may take a while for your business to pick up. Remember, everyone has been impacted – many people have been made unemployed, and their jobs may not simply rebound. It may take many months/possibly even years for the economy to return to normal and a struggling business is unlikely to be able to cope. There are serious questions to ask about what the new normal post COVID-19 will be. It is suggested that it may take longer than the crisis itself to get the economy back to normal. Some have even suggested it may take 2 years.

Remember, everyone impacted by this crisis (and there won’t be many people or businesses that aren’t) will also be meeting similar demands for their limited cash supplies. It is likely the true effect of the crisis will not be felt until after the crisis passes, and all the civil niceties currently being experienced are forgotten.

If your business is in trouble, act now – seek professional help and make an informed decision about your future. Understanding the impact of bankruptcy and insolvency is crucial now so that you can be better prepared for the end outcome. If you need the professional advice, our advisor Andrew is ready to help with a complimentary first consultation – Call us now at 1300 887 210.


  • As a Trustee in Bankruptcy, Ross Thomson is often required to think outside the box. As well as creative thinking, Ross brings compassion to the table.

    For Ross, it’s important to see the people behind the financial problem –not just numbers.

    Ross recently helped a bankrupt client who lives in a retirement village with her seriously ill husband.

    The unit she & her husband live in is not owned by them, but subject to a 20-year lease.

    The money to be repaid by the management was due only at sale, when the client finally left the retirement village.

    Sale of the unit was likely to take several years &, if he did sell the couple’s unit, Ross realised he would be effectively evicting them from their home, without resources or family to help them.

    Ross decided to contact the retirement village management & put a proposal to them that they prepay some of the moneys they would otherwise pay the client.

    The village management considered the proposal & have agreed to prepay some of the moneys otherwise due.

    The client is relieved that she will not be evicted & can now concentrate on helping her husband through his health issues.

    The moneys paid represented about 75% of what would have been available to creditors if they waited two years.

    It is a win for the client and for the creditors.

  • I made an appointment with Andrew after finding him on google. I was nervous and apprehensive about what to expect but he made the process of bankruptcy extremely uncomplicated and stress free, allowing myself the opportunity to get the fresh start I was so desperate for. Thank you Andrew I could not recommend you enough.

  • Making the decision to go bankrupt was not easy however once I had spoken to Andrew i felt all my anxiety disappear. Andrew does not judge you and he has an innate ability to put you at ease. He took care of the whole process for me again reducing the stress involved with completing paperwork.
    Thank you very much.

    Hayley Eastough
  • I will definitely recommend Andrew Bell to anyone contemplating bankruptcy. Don't wait! Andrew is there to help. With his knowledge, he can advise you of the best path to take and assist with the mind boggling paperwork.

    Best of all, he is there for you through your entire bankruptcy period. Get your life back, it's not as bad as you think. Thank you Andrew for lifting the burden and allowing me to move on.

    Karilyn Mahon
  • I saw Andrew for 'advice only' on possible bankruptcy due to a divorce. Left an hour later with the paperwork all done and feeling like a new person!

    Andrew was extremely welcoming and made me feel so comfortable with my decision to proceed immediately.

    This was the best investment I have ever made and cannot speak highly enough of Andrew. He doesn't just give excellent service his follow up afterwards is amazing. Thankyou Andrew you made my 'new' life so easy to achieve!

    Vicki Johnston
  • Andrew was very helpful in helping me through the bankruptcy process, as a single mother left with a massive debt from my ex and our previous marriage. I was struggling to keep my head above water on a week to week basis.

    Andrew made me feel at ease immediately and helped me every step of the way, he happily and professionally answered any and all questions I had before, during and after the process. Thanks so much for your help Andrew!

    Aisha Edmonds
  • Would highly recommend Andrew to anyone having financial difficulties. Andrew made me feel very comfortable - he took care of everything and keep in regular contact with me throughout the whole process.

    Service was fantastic and he also keep in regular contact with me when everything had been finalised Thanks Andrew! can now get my life back on track.

    Cassandra Walsh
  • Very prompt service and excellent source of knowledge and information, I highly recommend Andrew's service for a quick turn around of circumstances.

    Eve Damjanovich
  • Andrew put my mind at ease in one easy appointment. Very satisfied with the outcome and service provided. Highly recommend Andrew.

    Tracey Douglas
  • Andrew was a steadying hand with his advice.Showing that things aren't as bad as first thought nor any obstacle insurmountable. If you have questions needing answers, Andrew is the person to ask. Thanks for your advice Andrew.

    Shane Thompson
  • Andrew was very knowledgeable, caring, helpful and compassionate when I went and saw him. He made me feel that I wasn’t the loser and failure that I thought I was being. Even down to the box of tissues on the table.. which I needed. Highly recommend to go see Andrew if your struggling. There is life after!

    Joanne Parker
  • Andrew and his team do an excellent job of helping their clients with bankruptcy advice and it is a pleasure to work with him.

    Gareth Lane
  • Don't hesitate contacting Andrew, I was stressed, struggled sleeping through debt. Andrew put me at ease. He listened to my situation and we decided on my next move. Andrew is professional and easy to talk too. I would recommend highly to anyone who wants help to give him a call. I appreciate your support Andrew. Regards Brett.

  • Andrew has given me back my life!!! After living paycheck to paycheck, I didn’t know what to do. Until I made the big step and booked an appointment with Andrew. As soon as I left his office I felt a huge weight lifted!!!

    Deezy H
  • Andrew was prompt, organised, friendly and efficient with the processing of my documents and made everything very simple for me so I didn’t need to deal with the added pressure and stress. Thank you Andrew for allowing me to start afresh and getting it done within a matter of weeks.


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What you need to know before declaring bankruptcy