Can you transfer your house before bankruptcy?
We are often asked by clients who are insolvent if they can transfer their interest in the family home to their husband or wife and then go bankrupt? ...
PAST ARTICLES
Asset structuring for directors to avoid insolvency risks
No one wants their company to go into liquidation. But if your company does, you want to be in the best position to minimise your personal financial risks. So, how can you do this? ...
Case Study: Lockdown Director Penalty Notices for Unpaid Superannuation
If your company is in financial difficulty, there are numerous risks involved, including the risks of lockdown Director Penalty Notices....
Bankrupt deceased estates; what happens to jointly-owned property?
We are often referred clients whose husband or wife has passed away and the deceased estate is insolvent. If the husband and wife have jointly-owned a property (or properties) there are two ways the property can generall...
ATO Security as Part of a Payment Arrangement; What are the Risks?
If you owe an ATO debt you can’t pay, you can seek to negotiate a payment arrangement with the ATO. If the ATO refuses to enter into a payment arrangement, then it may be an option to offer the ATO security to support the payment arrangement. ...
Is it an offence to gamble and lose money before bankruptcy?
It is a little-known fact that it can be an offence to gamble leading up to your bankruptcy. This is because Section 271 of Bankruptcy Act 1966 (the Act) provides that it is an offence for a person to gamble away funds within two years of the commencement of their bankruptc...
Granting the ATO Security as Part of a Payment Arrangement
If you can’t pay an ATO debt then you can seek to enter into a payment arrangement with the ATO. This can be done for both company and personal tax debts. ...
Risk of the ATO issuing a Garnishee Notice to your employer: A Case Study
If our client had contacted us earlier, we could have advised him of how to deal with his tax debt and the risks involved....
How to remove a Bankruptcy Trustee
If you are a creditor of a bankrupt estate, you may not be happy with the steps taken by the Bankruptcy Trustee. This can include steps taken to ...
Dangers of director penalty notices
If a company does not pay superannuation and it also fails to lodge SGC Statements, the directors are automatically liable for the unpaid superannuation and can be issued Director Penalty Notices. ...
Dangers of ATO Garnishee Notices: A Case Study
This is Case Study of what happened to a client when the ATO issued a Garnishee Notice to their bank. And what our client should have done to avoid the risk....
How to replace the Liquidator of a company
Liquidators are obligated to act independently and in the best interest of creditors. However, there can be times, when creditors look to appoint another Liquidator....
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