In this episode of The Sounds of the Baskerville, James Flaherty sits down with trustee Chris Baskerville to unpack the often-overlooked realities of personal insolvency. Together, they explore the lasting effects of the Hayne Royal Commission, which saw bankruptcies fall dramatically from 30,000 a year to just 10,000, and reveal why banks are now leaning toward alternatives over formal bankruptcy. Chris breaks down the complex idea of vesting property—how a bankrupt’s estate effectively “clones” itself, continues beyond the individual, and captures inheritances, delayed settlements, or even family homes. With gripping real-world examples—from Mickey 17-style cloning analogies to cross-collateralised loans and multi-million-dollar plumbing disasters—listeners get a rare look at how personal guarantees and poor structuring can spiral into financial ruin. Packed with sharp insights, memorable stories, and practical strategies, this episode is essential listening for anyone wanting to protect their assets and future from unexpected risks.

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