All you need to know about bankruptcy
If you become bankrupt, a bankruptcy trustee is appointed to manage your bankruptcy, which is commonly referred to as administering your bankrupt estate. The role of a bankruptcy trustee includes:...
PAST ARTICLES
How the ATO can garnishee your wages
Some people unfortunately incur unmanageable tax debts. This can be income tax, or perhaps PAYG Tax or GST from a sole trader business or director penalty debt. Once this tax debt reaches a certain level it can be difficult to ever pay given interest and penalties can keep accruing....
What happens to cash at bank in bankruptcy?
In this article, we will first explain what a bankruptcy is, what happens after an individual goes bankrupt, and finally what happens to monies in a bank....
Can you start a business after going bankrupt?
Starting a business after bankruptcy is possible, but with restrictions. While you can't be a company director for three years, you can operate as a sole trader. Your business name must include your own name, and there are limitations on obtaining credit and operating businesses requiring certain licenses. Profits from your business are considered income for bankruptcy purposes, and you may have to pay income contributions if your earnings exceed a certain level. Despite these restrictions, many people successfully rebuild their financial lives through entrepreneurship after bankruptcy. Need guidance? Contact us for assistance....
ATO issuing nearly 200 director penalty notices a week
The ATO has however, started taking recovery action to recover tax debts owed. This has included issuing a large number of director penalty notices and beginning to disclose business tax debts to credit reporting agencies....
QBCC Home Owner Warranty claims; when are they not released by bankruptcy?
Directors of building companies are liable for claims by the QBCC and liquidating the companies will not avoid personal liabilities of the directors. They can either voluntarily declare bankruptcy, or be made bankrupt by the QBCC, but this will not necessarily release them them from all QBCC claims....
How does someone make you bankrupt?
If you owe creditors a substantial sum of money and are wondering how they can make you a bankrupt, this article provides an overview of the most common process. ...
Keep your house in bankruptcy through the doctrine of exoneration
The doctrine of exoneration is a presumption that affords protection to a spouse where their partner had taken a loan against a property for their sole benefit e.g. a business loan....
Could there be no costs liquidations in the future?
Liquidations can be a costly affair for directors of companies that are already failing. Voluntarily placing a company without assets into liquidati...
ATO to start issuing Director Penalty Notices again
Throughout the Covid-19 pandemic the ATO has mostly ceased taking any type of recovery action to recover debts which it was owed. Recently, the ATO’s approach to debt collection is changing and we have seen a number of warning letters from the ATO....
Options for subcontractors after collapse of Probuild
Construction industry insolvencies are unfortunately very common and building company insolvencies usually do not result in any return for subcontractors....
When will the ATO start issuing GST Director Penalty Notices?
The ATO has had the ability to issue Direct...
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