The Bankruptcy Act and Regulations contain a number of thresholds, limits and other amounts that are regularly indexed (changed in line with the Consumer Price Index or the base pension rate). Continue reading
Indexed Amounts
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Insolvency News and Blog
World economy staring down the ’1930s’ barrel
THE world will face a “1930s moment” of the kind that brought on the Great Depression unless money can quickly be found to support nations such as Italy and Spain, the International Monetary Fund (“IMF”) says. Continue reading
Business conditions survey at 14-year low
Business owners believe the economy is in desperate need of further interest rate reductions with trading conditions at their worst levels in at least 14 years. Continue reading
Liquidator to failed companies banned over his own failings
THE controversial liquidator Peter Ngan has been banned for 2½ years following a lengthy investigation by the corporate regulator. Continue reading
World on the brink of GFC – Mark II
The World Bank says the global economy is on the edge of a new financial crisis, deeper and more damaging than the one that followed the collapse of Lehman Brothers in 2008. Continue reading
Sydney liquidator prevented from practising
Expert
ASIC has accepted an enforceable undertaking (EU) from Sydney liquidator, Mr Peter Ngan, which prevents him from practising as a registered liquidator for the next two-and-a-half years. Continue reading
Statutory demands – how to make them and how to resist them
By Peter Harkin of CBP
In brief – Section 459E statutory demand and insolvency
Under Section 459C of the Corporations Act, a company is presumed to be insolvent if during or after the three months preceding the day on which an application is made for the winding up of the company, one of a number of events occurred. This includes, most commonly, failure to comply with a Section 459E statutory demand which a creditor has served on the company. Continue reading
Six years’ prison for Ariff insolvency fraud
A New South Wales District Court judge yesterday sentenced Stuart Ariff to six years in prison for defrauding a solvent company he was Liquidator of from 2006 to 2009. Continue reading
Most Aussies worried about debt
Four out of five Australians are worried about their ability to meet future debt repayments, a survey shows. Continue reading
Fletcher Jones in Voluntary Administration
Venerable clothing retailer Fletcher Jones last night became the latest casualty of the gloom gripping Australian retail, being placed in administration after 93 years in the tailoring trade. Continue reading
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