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07 Jul

Posted at 09:00h in Blog Post by
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[rt_reading_time label="Reading Time:" postfix="minutes" postfix_singular="minute"] Knowing and fulfilling your duties as a company director is essential when running a business. The Corporations Act 2001 outlines general duties that company directors are bound by with significant penalties in place for those found in breach of their obligations. This article will cover the implications for a director placing their own interests ahead of the company's, and the potential consequences for breaching director duties. Who...

22 Jun

Posted at 08:00h in Insolvency News, Newsletters, Recent Posts by
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[vc_row css_animation="" row_type="row" use_row_as_full_screen_section="no" type="full_width" angled_section="no" text_align="left" background_image_as_pattern="without_pattern"][vc_column][vc_column_text][rt_reading_time label="Reading Time:" postfix="minutes" postfix_singular="minute"][/vc_column_text][vc_column_text]Practitioners and their clients should be aware that the recent decision by El Salvador to legislate Bitcoin as legal currency tender may soon mean that (at least for Bitcoin) Australian cryptocurrency finance will require security interest registrations on the Personal Property Securities Act 2009 (Cth) (PPSA). Let me explain… The Personal Property Securities Act (PPSA) came into effect on 30 January...

22 Jun

Posted at 10:00h in Insolvency News, Newsletters, Recent Posts by
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[vc_row css_animation="" row_type="row" use_row_as_full_screen_section="no" type="full_width" angled_section="no" text_align="left" background_image_as_pattern="without_pattern"][vc_column][vc_column_text][rt_reading_time label="Reading Time:" postfix="minutes" postfix_singular="minute"][/vc_column_text][vc_column_text]As daunting as it may be, if you have been declared bankrupt, there are options available to you to seek to end your bankruptcy earlier than would otherwise occur (ordinarily, bankruptcy lasts 3 years from the date of lodgment of a Bankruptcy Form). For instance, you may seek to obtain an annulment of your bankruptcy. The term “annulment” is commonly...

22 Jun

Posted at 08:00h in Insolvency News, Newsletters, Recent Posts by
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[vc_row css_animation="" row_type="row" use_row_as_full_screen_section="no" type="full_width" angled_section="no" text_align="left" background_image_as_pattern="without_pattern"][vc_column][vc_column_text][rt_reading_time label="Reading Time:" postfix="minutes" postfix_singular="minute"][/vc_column_text][/vc_column][/vc_row][vc_row css_animation="" row_type="row" use_row_as_full_screen_section="no" type="full_width" angled_section="no" text_align="left" background_image_as_pattern="without_pattern"][vc_column][vc_column_text]As you would now be aware, corporate tax rates for companies that are base rate entities (BRE), have been progressively reducing from the historical 30 percent to 25 percent in the 2022 financial year. Companies that are not considered to be a BRE, will continue to have a corporate tax rate of 30...

22 Jun

Posted at 08:00h in Insolvency News, Newsletters, Recent Posts by
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[vc_row css_animation="" row_type="row" use_row_as_full_screen_section="no" type="full_width" angled_section="no" text_align="left" background_image_as_pattern="without_pattern"][vc_column][vc_column_text][rt_reading_time label="Reading Time:" postfix="minutes" postfix_singular="minute"][/vc_column_text][/vc_column][/vc_row][vc_row css_animation="" row_type="row" use_row_as_full_screen_section="no" type="full_width" angled_section="no" text_align="left" background_image_as_pattern="without_pattern"][vc_column][vc_column_text]The Personal Property Securities Act (PPSA) came into effect on 30 January 2012. For those not aware, the PPSA brings into effect the Personal Properties Securities Register (PPSR) which serves as a notice board for entities with interests in property in the possession of another entity. This includes suppliers of goods, financiers...

22 Jun

Posted at 08:00h in Insolvency News, Newsletters, Recent Posts by
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[vc_row css_animation="" row_type="row" use_row_as_full_screen_section="no" type="full_width" angled_section="no" text_align="left" background_image_as_pattern="without_pattern"][vc_column][vc_column_text][rt_reading_time label="Reading Time:" postfix="minutes" postfix_singular="minute"][/vc_column_text][/vc_column][/vc_row][vc_row css_animation="" row_type="row" use_row_as_full_screen_section="no" type="full_width" angled_section="no" text_align="left" background_image_as_pattern="without_pattern"][vc_column][vc_column_text]Frequently in corporate insolvency administrations, the company’s financial statements disclose that there are related party loans (usually provided to or by directors or shareholders). The two primary forms of loans are: Debit loans – loans owed to the company by the recipient; and Credit loans – loans where the company owes...

22 Jun

Posted at 08:00h in Insolvency News, Newsletters, Recent Posts by
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[vc_row css_animation="" row_type="row" use_row_as_full_screen_section="no" type="full_width" angled_section="no" text_align="left" background_image_as_pattern="without_pattern"][vc_column][vc_column_text][rt_reading_time label="Reading Time:" postfix="minutes" postfix_singular="minute"][/vc_column_text][vc_column_text]As part of the Federal Government’s response to the pandemic, the threshold for issuing statutory demands and bankruptcy notices to debtors temporarily increased to $20,000. The timeframe for responding to such demands and notices was also temporarily extended from 21 days to 6 months. Those protections expired at the end of December 2020 and creditors can now: issue statutory...

22 Jun

Posted at 09:00h in Blog Post by
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[rt_reading_time label="Reading Time:" postfix="minutes" postfix_singular="minute"] Owing tax debt to the ATO can be a serious issue for businesses. Whether you are a director of a company or a sole trader, ignoring tax debts can come with consequences such as added interest, penalties, fines and potential litigation. As a director, you can also be held personally liable for your company’s unpaid tax debts, so it is important to understand the options you...

19 May

Posted at 10:41h in Blog Post by
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[rt_reading_time label="Reading Time:" postfix="minutes" postfix_singular="minute"] Transfer of property (assets) by a debtor to a spouse / relative in the period leading up to bankruptcy is a common occurrence. This transfer is often for little or no consideration and is done with an intention to reflect a hopeless or assetless situation at the time of bankruptcy. [vc_separator type="normal"][vc_empty_space height="20px"][vc_column_text] Case Study 1 - s120 Undervalued Transactions One of our bankrupt’s had his wages credited...

10 Mar

Posted at 15:38h in Insolvency News, Newsletters, Recent Posts by
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[vc_row css_animation="" row_type="row" use_row_as_full_screen_section="no" type="full_width" angled_section="no" text_align="left" background_image_as_pattern="without_pattern"][vc_column][vc_column_text][rt_reading_time label="Reading Time:" postfix="minutes" postfix_singular="minute"][/vc_column_text][vc_column_text]Expert solvency reports are typically used by Parties to a proceeding in a court, to resolve the question of whether a company or individual was insolvent at a particular point in time. They are handy in all matter of circumstances, including those in the infographic at the bottom of this article. Solvency reports can be prepared by accountants or lawyers,...