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 […]
Presented by Jones Partners Inflation: 5.4 per cent Core inflation continues to slowly decline. Reasonable progress has been made since the March peak of 7.8 per cent. Inflation will likely stay above target for longer than initially anticipated, requiring interest […]
Presented by Jones Partners 2023-2024 Projections and Observed Numbers The above graph depicts the projected increase in personal insolvencies for 2023 and 2024. AFSA were predicting a significant increase for the 2022-2023 FY, with a forecast of 15,000 incidents of […]
Presented by Jones Partners (Statistics obtained by ASIC website) © Australian Securities & Investments Commission Corporate Insolvency Trends The above statistics show a comparison between 2022, 2023 and base level (the average of 2017, 2018, 2019), highlighting the total numbers […]
Presented by Jones Partners Between 1973 and 2023, Australia’s economic management underwent a complete transformation. The end of the Second World War marked the beginning of economic expansion and flourishing productivity for Australia and much of the developed world. Many […]
Presented by Jones Partners Throughout 2023, cases of corporate insolvency returned to (and even exceeded) pre-COVID levels. It has been a challenging year, with economic conditions creating a hostile climate for businesses. High interest rates, war in Ukraine, COVID stimulus, […]
Navigating a relationship with a financially distressed debtor is both stressful and challenging. Any transaction made by a distressed company to unsecured creditors within the six months prior to the relation-back day (or up to four years for transactions involving […]
Presented by Jones Partners Bankruptcy is often considered as little more than the legal-administrative process that occurs after a person becomes unable to pay their debts. This is a highly reductive way of describing a complex human experience that can […]
Presented by Jones Partners The term “insolvent trust” is a term commonly misunderstood. Trusts cannot technically become “insolvent”, as they are not a separate legal entity. Trusts are better described as a relationship, outlining powers and obligations, owed by a […]
Presented by Jones Partners (Statistics obtained from AFSA Website) June 2023 Totals Personal Insolvency Trends Personal insolvency statistics for June declined slightly from the previous month, which had recorded a total 625 bankruptcies. The most common industries for affected individuals […]
Presented by Jones Partners The Parliamentary Joint Committee on Corporate and Financial Services recently conducted an inquiry (“The Inquiry”) into the efficacy of corporate insolvency law within Australia. The Inquiry contained both commentary and recommendations for the current system. The […]
Presented by Jones Partners Jess (Trustee), in the matter of Lostitch (Bankrupt) v Lostitch [2022] FedCFamC2G 342 FACTS This case concerned the contest between the Trustees of the Bankrupts (Mr and Mrs Lostitch) and their daughter, Rebecca Goodie (‘Ms Goodie’) […]