When a company is wound up, a liquidator is responsible for evaluating the competing claims of creditors in accordance with the priority regime. Claims in relation to secured property are often highly complex. There are usually numerous, competing claims. Often, […]
You and your partner purchased a residential property together. At the time, it made great financial sense. However, your relationship has since broken down. You have vacated the premises and have filed for separation. Your partner remains in the property, […]
‘Recession’ is a term being bandied around by economists. Views vary, with some expressing optimism and others scepticism regarding the future of some of the world’s largest economies. So, what predictions can be made about these nations’ destinies? What is a […]
What is a winding up order? A winding up order is a directive issued by a court formally placing a company into liquidation. Creditors will usually obtain a judgment before issuing a Creditor’s Statutory Demand, a formal request for repayment […]
February 2024 Totals 664 bankruptcies 308 debt agreement 8 personal insolvency agreement 2 deceased estate Personal insolvency trends Personal insolvency statistics continue to fall well behind the projections and timeline suggested by AFSA. The most common industry for affected individuals […]
Change to economic snapshots The Board at the Reserve Bank will only meet 8 times this year instead of 11. More time is needed to assess the economy’s response to cash rate changes. The next meeting will be held on […]
A few weeks ago, Chinese construction company Evergrande was ordered to liquidate after failing to convince a Hong Kong court it had a viable turnaround plan. The company had long been struggling to meet its interest repayments and has amassed […]
Bankruptcy is not only a financial crisis, but also a personal one. It can strain the bonds of marriage, often leading to divorce and separation. When children are involved, conflict over child support will frequently arise, as parents struggle to […]
You are the director of a small company. You built it from the ground up, and until recently, it was a success. Your debt is mounting, and the cash flow is drying up. You continue doing business, in the hope […]
The Small Business Restructuring Process (SBR) is a new, streamline form of restructuring that allows the director of a financially distressed company to remain in control, and work collaboratively with an insolvency practitioner to formulate a debt repayment plan and […]
What is a DPN? The Taxation Administration Act provides for certain circumstances where a director may be personally liable for tax debts of a company. This liability is known as a Director’s Penalty. In order to enforce a Director’s Penalty, […]
What is Bankruptcy? Bankruptcy is a legal process by which an individual declares themselves unable to pay their debts. The process can be initiated voluntarily (by the financially distressed individual) or by a court application (made by creditors). A bankruptcy […]