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....
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....
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....
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? ...
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? ...
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...
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...
If our client had contacted us earlier, we could have advised him of how to deal with his tax debt and the risks involved....
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. ...
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Fax: 07 3221 8885
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Bundall Qld 4217
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