Queensland bankruptcy numbers still down
It was thought there may be an increase in personal insolvencies/bankruptcies in the second half of 2021 but this has not turned out to be the case. What will 2022 bring? ...
PAST ARTICLES
Can Your Bankruptcy Trustee Sell your Cryptocurrency?
Cryptocurrencies are fast becoming a popular investment for Australians considering its exponential growth in value over the past decade. Over the last few years, we find more bankrupts owning cryptocurrencies in one form or another. ...
Total Collectable Tax Debt Increases to $38.5 Billion
The ATO’s recent report on its activities for the 2021 financial year has shown that total tax debt, which the ATO considers is collectable, has increased to $38.5 billion. This compares to $26.5 billion for the 2019 financial year. ...
ATO Garnishee Notices Issued to Debtors
The ATO can issue Garnishee Notices to debtors who owe money to a company. But how does the ATO know who owes your company money and how do Garnishee Notices issued to debtors work in practice?...
ATO begins effort to compel businesses to comply with tax obligations
The ATO is aiming to compel businesses with significant overdue tax debts to comply with their tax obligations, by using credit agencies....
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? ...
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. ...
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