SOME tax debt can come back to haunt you, even after it’s been written off up to 10 years ago. At almost any time, the Australian Taxation Office can re-raise old tax debts and demand they be settled, along with any interest charges. Continue reading
Monthly Archives: September 2009
Former director of roofing company convicted on breach of director’s duties
Mr Mark Geoffrey Whitehouse of Corlette, New South Wales, has been convicted in the Newcastle District Court on one charge of breaching his duties as a director of MGW Roofing (Newcastle) Pty Ltd. Continue reading
Financial stress for families on the rise
STABLE unemployment figures and wafer-thin economic growth are masking an unfolding story of mortgage stress, rental problems and homelessness as the real impact of the downturn bites. Continue reading
ASIC executes search warrant to assist Liquidator
On Wednesday 9 September 2009, ASIC executed two search warrants to seize property, books and records of RG Munro Futures Pty Ltd (RG Munro in liquidation) and Starport Futures Trading Corporation (Starport in liquidation), a US registered company Continue reading
Directors dispute resolved by court
A case recently ran in the NSW Supreme Court, highlights the dangers when directors cross the line and begin running their companies like mini autocracies by putting their own self‑interest ahead of other investors and the company itself. Continue reading
Modern day Nostradamus sees second crash is close
He could be the modern-day Nostradamus of the finance world. In his books he predicted the dot.com and housing market crashes. Continue reading
Banks and the ATO helping businesses and individuals in tough times
MORE than 55,000 Australian families have been given mortgage-payment holidays and hardship concessions by major banks, revealing the true picture of the financial crisis.
In the past year the banks have extended a financial lifeline to 55,362 people unable to afford their mortgage repayments, personal loans or mounting credit-card debt. Continue reading
Lawyer promoting Phoenix Transactions guilty of aiding and abetting clients to break the law
A North Sydney Solicitor has been found guilty of ”aiding and abetting” eight clients to break the law by advising them to transfer assets from 15 near-insolvent companies to new vehicles, the NSW Supreme Court ruled yesterday.
Acting Justice William Windeyer said there was ”a direct causal connection” between the involvement of the The North Sydney Solicitor mentioned above, and breaches of the Corporations Act by the company directors he advised. Continue reading
Construction continues slide in August
ACTIVITY in the construction sector contracted for an 18th consecutive month in August as engineering and commercial construction remained weak, a survey says. Continue reading
One third of nation at risk of default
ONE-THIRD of the country – including battlers’ suburbs and some of the wealthiest urban areas – has entered the danger zone for financial distress, despite signs that economic conditions are improving. Continue reading
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