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Often, people with financial difficulties facing pressure from creditors will try to protect their property by transferring it to a spouse or family member to avoid the property forming part of the asset pool if the person later becomes bankrupt. The following options are available to bankruptcy trustees to recover property that was transferred by a person who later becomes bankrupt:
June 4, 2018
It’s common knowledge that the Australian Taxation Office (ATO) is often one of the last creditors to be paid and is used by businesses and taxpayers intentionally or unintentionally as the “Bank of Last Resort”. In recent years there has been a lot of talk on phoenix activity, tax avoidance etc. and its effect on the Australian economy.
Dealing with a life interest in property isn’t something you, your clients or even bankruptcy Trustees encounter very often, however, there are some important points to note should you come across one. It is common that real property held in a deceased estate is left to the beneficiaries of the deceased estate. The beneficiaries may have the property transferred into their names or the property may be sold with the sale proceeds distributed to the beneficiaries.
May 30, 2018
Sole Proprietorship businesses (also known as “Sole Traders”) are the simplest and cheapest business structure to create in order to operate a business and that makes them a popular choice for business owners looking for flexibility in operations, management and exit. The Australian Bureau of Statistics (ABS) data shows that Sole Traders account for approximately 26.2% of all registered businesses operating at the end of the 2016-17 financial year, a 4.5% year on year increase from 2015-16.
We have all seen the newspaper headlines trumpeting the virtues of Safe Harbour and using professional, regulated advisors to navigate the rough waters of insolvency.
However, burning questions have long held my mind – will this really be suitable for Small to Medium Enterprise (SME) sized companies? Can the average sole director really take advantage of this regime? Or really will it only suit medium to large private companies or public companies that have sophisticated boards and proactive accountants? Will the compliance and payment obligations be too onerous for the majority of SMEs to even avail themselves?
In recent years, we have seen the increase of retail businesses going under; Dick Smith, Pumpkin Patch, Payless Shoes and the latest casualty, Toys R Us Australia, to name a few.
You don’t have to look far to see the outrage across social media from consumers who have lost their right to use their gift cards.
Queensland, New South Wales and Victoria recorded the highest amount of personal insolvencies for the March quarter and their figures make up over 75% of personal insolvencies Australia wide.
May 16, 2018
From Monday 30 April our new premises will be 22 Market Street, Brisbane QLD 4000.
April 22, 2018
It’s been well published in recent years that the Australian Government has considered various measures to promote and support the success of business start-ups in Australia. A large percentage of small to medium sized enterprises collapse within the first three years of commencement for various reasons ranging from the lack of working capital, lack of strategic direction to poor planning, cash flow management and record keeping.
February 1, 2018