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It has been some time now since the Federal Government introduced the Bankruptcy Amendment (Enterprise Incentives) Bill which proposes to reduce the period of bankruptcy from 3 years to 1 year. However, a Trustee in Bankruptcy will retain powers to extend the term in the event of misconduct. The amendments also include measures to extend the income contribution obligations of discharged bankrupts for a minimum period of two years following…
December 5, 2018
1 September 2018 marked the anniversary of the second tranche of the Insolvency Law Reform Act 2016 (Cth) (ILRA), since its commencement on 1 September 2017. Twelve months on, it is great to see the Federal Court and Supreme Courts (in some States) have adopted changes to their Rules, in response to the ILRA amendments. How do the Court Rules interact with the ILRA for Court Appointments? Amendments to…
Fast forward to February 2019, to a time when Christmas Day has been long forgotten and the New Year has come and gone. January has been slow and spent recovering, or battling your competitors for your slice of the January sales. You are sitting down enjoying your morning coffee going through your emails, when you are reminded that your December Business Activity Statement is due in a matter of days….
The Liquidation of the JM Kelly Group (a large building construction group based in Rockhampton) has been a serious blow to Rockhampton and the central Queensland construction industry with the direct loss of approximately 250 jobs and debts estimated to be $20m. With unemployment in the Rockhampton region at 8% (as at June 2018) and with the population falling by 1% (compared to June 2017) the real impact of this…
We are pleased to announce that SV Partners has opened an office in Rockhampton. The expansion is supported by a growing region and our continued commitment to servicing professionals and their clients in Central Queensland for over a decade.
October 11, 2018
Bankruptcy, of course, entails the statutory “shakedown” of the bankrupt for their divisible assets. For high-income earners, there is also an obligation to pay contributions to the bankrupt estate from their income. This article explores a recent Federal court case and touches on some less frequently seen examples of income.
September 7, 2018
With the continued rise of Self-Managed Superannuation Funds (“SMSF”) bankruptcy trustees are frequently considering the effect bankruptcy has on the fund and if they have any interest in the fund.
Whilst in simple terms cryptocurrencies are a form of electronic cash, their mainstream emergence through the 2017 calendar year, spurred an interest in emerging markets, not seen since the dot-com boom of 1995-2000. Between 30 June 2017 and 31 December 2017, the market capitalisation of cryptocurrencies went from $102bn to $568bn.
On 1 May 2018, the Supreme Court of NSW ordered the winding up of the Company and the appointment of Jason Porter of SV Partners as liquidator of the Company. The winding-up order made was based on the presumption of insolvency from the failure of the Company to comply with a statutory demand issued by the applicant creditor (section 459C(2)(a) of the Corporations Act (Act)).
September 6, 2018