Effects and Consequences of Bankruptcy
If you are seeking relief from debts which you cannot pay, then you may consider filing for bankruptcy....
PAST ARTICLES
Can’t Pay Your Company Debts? What Directors Need to Know
When a company is in financial difficulty, directors are often placed under immense pressure to keep the business afloat. However, it’s critical to understand that directors have legal duties that, if breached, can lead to serious personal consequences — including personal liability for company debts, legal claims being brought against them, disqualification from acting as a director, or prosecution....
Consequences of director penalty notices – inaction by directors
Directors who are dealing with financial difficulties of their company often bury their head in the sand. That is however, the last thing a director should be doing. As we have previously written, directors can be personally liable for company debts as a result of:...
Filing for Bankruptcy
If you find yourself in a position whereby you are unable to pay your debts, you may wish to consider filing for bankruptcy. ...
Director loan accounts and liquidation
When a company is placed in liquidation a Liquidator is required to sell or recover that company’s assets. The company’s assets can include things like cash at bank, motor vehicles and stock. However, a company’s assets also includes debts or loans owed to a company. Where a debt or loan is owed by a related party, such as a loan to a director the loan is an asset which a Liquidator will seek to recover. ...
Avoid Director Penalty Notice Liability with Small Business Restructuring
As we have set out in previous articles the ATO can make company directors personally liable for unpaid PAYG Tax, GST and superannuation by issuing a Director Penalty Notice. If a director receives a 21-Day Director Penalty Notice they can avoid liability by using Small Business Restructuring (SBR). But how does this work? ...
Superannuation – $450 weekly wage threshold removed
The federal government recently passed a legislation in respect of the $450 a month wages threshold before an employer is required to pay superannuation. Formerly, employers were only required to pay superannuation for employee wages if the employee earns more than $450 a month. ...
Interest Rate Hikes Causes Highest Mortgage Stress in Decades
The Australian inflation rate has been soaring as a result of the pandemic, supply chain disruptions and the war in Ukraine. Economists are predicting continued increase in inflation rates and the Reserve Bank of Australia has been quick to act. The RBA has so far increased the cash rate (at September 2022) to 4.35% meaning many mortgage rates are 5% or more. ...
What happens to your builder’s license if your company goes into liquidation?
If you are in the building industry in Queensland, chances are you or your company holds a license issued by the Queensland Building and Construction Commission (“QBCC”). The QBCC is a statutory body set up to regulate the construction or building industry. ...
Company tax debt; solve it with small business restructuring
The small business restructuring scheme was introduced during the COVID-19 pandemic to streamline business debt restructuring and reduce costs. It has been 18 months since it became operational, and many struggling businesses have opted to take advantage of the scheme....
What happens when your bankruptcy ends
Generally, bankruptcy goes for three years. Once this three-year period is over you are discharged from bankruptcy, meaning the period of your bankruptcy ends. So, what happens when your bankruptcy ends?...
What happens to assets you obtain after bankruptcy
Some property which a bankrupt obtains after bankruptcy is able to be collected and sold by their bankruptcy Trustee. This type of property is known as after acquired property. So what assets are (and are not) after acquired property and able to be sold by a bankruptcy Trustee....
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