For individuals struggling with unmanageable debts to the Australian Taxation Office (ATO) personal bankruptcy is an option to enable the individual to obtain a release from those debts and make a fresh financial start in life....
Small Business Restructuring (SBR) is a method for companies to settle debts they owe to creditors, while allowing the directors to remain in control of the company. The Small Business Restructuring process was introduced in 2021 and can be used by a company to avoid liquidation so that the company can continue trading....
Personal debt can feel daunting and difficult to resolve. Depending on the type, value and number of personal debts you have, there may be various solutions which are open to you. ...
We successfully negotiated a client's $246,000 debt down to $30,000. The client, personally liable for her failed business's lease debts, faced bankruptcy or debt settlement. We offered $30,000 over time, which the landlord eventually accepted. The funds will come from our client's husband, who will acquire her $20,000 Landcruiser. Our client was thrilled with the outcome. Need debt settlement help? Contact us for a free consultation....
Bankruptcy can provide relief from most debts, but it comes with obligations like paying income contributions if your earnings exceed a certain threshold. While many comply, falling behind on these payments can have severe consequences. These include garnishing wages, setting up monitored bank accounts, or even extending the bankruptcy period up to eight years. If you're struggling with these contributions, it's crucial to engage proactively with your Trustee, possibly renegotiating your payment plan. Need assistance or advice on managing bankruptcy obligations? Contact Pearce & Heers for guidance....
Bankruptcy releases you from having to pay most debts, allowing you to start life afresh, without being ridden by unmanageable debts. There are however certain restrictions that accompany bankruptcy. One of these involve traveling overseas....
Offering the ATO security as part of a payment arrangement can be risky. While it may help negotiate a payment plan, it can also lead to the ATO selling the secured assets if the taxpayer fails to pay the debt. This is especially dangerous for directors who personally guarantee company tax debts, as they become liable if the company defaults. In a recent case, a client's properties were used as security for a company ATO debt, leaving him with no equity and ultimately forcing him into bankruptcy. Seek professional advice before making such decisions....
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....
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....
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. ...
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....
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? ...
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