FAQs | What Happens When You Become Bankrupt?
If you have a Self-Managed Superfund (SMSF), you cannot be the director of the trustee company or trustee of your SMSF while bankrupt.
You will need to arrange to have your SMSF shut down and funds rolled over into a complying regulated fund. If you have assets in your SMSF you will need to arrange to have them converted to cash and the cash rolled over into a regulated fund.
Once you have become bankrupt, you have six (6) months from your date of bankruptcy to ensure that your SMSF is shutdown.
If you have an SMSF and would like to discuss your situation, give us a call and we will discuss circumstances pertaining to your SMSF and options available to you.
Nicholls & Co have a complementary ‘help desk’ to answer your questions on bankruptcy. Call Nicholls & Co on 1300 060 122 or email email@example.com.