The Government today announced changes to the Bankruptcy law that it says would make it more difficult for creditors to use the threat of bankruptcy as a tool in debt collection.
The Government has changed the law to the extent that a creditor cannot press for bankruptcy unless their debt exceeds $10,000. The previous limit was $2,000. Continue reading
AN increase in creditors using bankruptcy as a tool to collect debts rather than as a last resort has prompted law changes, the Federal Government says. Continue reading
Mr Stuart Ariff, an official liquidator, from Newcastle, New South Wales, was today found to be unfit to be an official or registered liquidator and prohibited from holding the office of liquidator, provisional liquidator, voluntary administrator, administrator of a deed of company arrangement or controller, for life. Continue reading
Husband and wife company directors, Mr Terry William Lemon and Mrs Kayleen Gaye Lemon, of Yass, NSW, were convicted and sentenced after each pleading guilty to a charge brought by ASIC.
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JAMES Hardie former chief executive Peter Macdonald has been banned from managing a company for 15 years and fined $350,000 for breaching the Corporations Act. Continue reading
Borrowers should brace themselves for a 2 per cent rise in interest rates. Continue reading
If the tax office is a creditor of your bankruptcy, any refund you are entitled to during the period of bankruptcy may be retained by the tax office to offset the amount owing. Continue reading
BIS Shrapnel says that despite the recent run of financial good news, the economy will experience falling household incomes, unemployment and a 17 per cent decline in business investment over the next year. Continue reading
Mr Ian Rau, a former company secretary of Chartwell Enterprises Pty Ltd (Chartwell), was arrested in Brisbane on 11 August 2009 and criminally charged with 19 offences bought by ASIC. Continue reading
It is stating the obvious to say Bankruptcy has a negative effect on ones credit file but we must appreciate, bankruptcy is a necessary last resort for many people.
While bankruptcy generally last for 3 years, the effects of declaring or being forced into bankruptcy will be felt for many years after the bankruptcy has ended. Continue reading
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