Bankruptcy is usually a 3 year term however this may be extended up to 8 years in total in certain circumstances when a Trustee in Bankruptcy lodges an objection to the discharge of the bankrupt. The objection may be lodged at any time before a bankrupt is discharged from bankruptcy under Section 149B of the Bankruptcy Act, 1966, by either the Trustee or the Official Receiver. Continue reading
Tag Archives: Bankruptcy
Debt spiral looming for Australians
ONE in seven adults are so financially strapped that they cannot afford insurance cover for their homes and cars, a new study shows. Continue reading
TURKALERT: How an Unsecured Creditor went to the Front of the Queue in a Bankruptcy
Summary: A creditor who is prepared to assist a trustee in bankruptcy with an indemnity for costs, can be rewarded by receiving a dividend in priority to all other creditors. Continue reading
Disqualified director convicted and sentenced
Mr Keith Avenel Smith of Officer, Victoria, has been sentenced in the Ringwood Magistrates’ Court after pleading guilty to charges brought by ASIC and the Insolvency Trustee Service Australia (ITSA). Continue reading
Swiss court begins search for Rene Rivkin’s millions
A COURT case has been launched in Switzerland to recover millions of dollars that mysteriously left stockbroker Rene Rivkin’s bank account after he died in 2005. Continue reading
Rise in middle-class bankrupts
PROFESSIONALS and people on high incomes are declaring bankruptcy faster than ever in Australia. Continue reading
Accountant jailed over part in $27 million tax fraud
A Perth accountant has been sentenced to 13 months jail for his part in and after admitting to conspiring to defraud the commonwealth of $27 million. Continue reading
Chapter 11 mooted for business rescues
The Federal Government has foreshadowed the possible introduction of US-style Chapter 11 bankruptcy protection provisions in a discussion paper of likely changes to insolvency laws that have drawn a mixed response from the financial industry. Continue reading
Bankruptcies still up on last year
THE numbers sliding into bankruptcy slowed in the run-up to Christmas, in line with the improving economy. And more people cut deals with their creditors, escaping formal bankruptcy. Continue reading
US bankruptcies soar 32% in 2009
US consumers and businesses are filing for bankruptcy at a pace that made 2009 the seventh-worst year on record. Continue reading
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