Update A Federal Court judge has strongly warned the corporate regulator to ‘‘consider carefully’’ what it does with a decision handed down this morning that found directors of the Centro property group breached their duties when they failed to notice multi-billion dollar errors in the property group’s accounts. Continue reading
Tag Archives: debt
Builders Hit Hard as Job losses Jump
FLOODS, cyclones and record-low housing approvals have combined to wipe 8000 jobs from the construction sector in the past three months, a report from the Urban Development Institute of Australia shows. Continue reading
Recent amendment to Building and Construction Industry Security of Payment Act 1999 places greater power in Subcontractors’ hands
A new amendment to the Building and Construction Industry Security of
Payment Act 1999 (Act) will give greater power to Subcontractors, most
importantly the ability to “freeze” monies owed to the Contractor above them. Continue reading
Difficult debt collection killing thousands of Firms Each Quarter
DESPITE the economic recovery, cash flow is still only trickling in for many businesses, spelling death for thousands of them each quarter, new analysis shows. Continue reading
Are things really getting better? Maybe.
AS MEMORIES of the financial crisis fade we are whipping out plastic cards from our pockets like never before. Continue reading
Bank debt collectors seizing cash ‘illegally’
ANZ Bank may have acted illegally by harassing debtors and seizing money from their accounts in breach of consumer guidelines. Continue reading
No comment needs to be made about such a story!
Banks lend $70,000 to pensioner whose income is $485 a fortnight! Continue reading
Solvent companies find themselves being placed into a liquidation
There are occasions when perfectly solvent companies find themselves being placed into a liquidation. Usually this happens because a director, or someone associated with a company, has failed to notice a statutory demand or a wind up application which has come to the registered address of the company. Continue reading
Rise in middle-class bankrupts
PROFESSIONALS and people on high incomes are declaring bankruptcy faster than ever in Australia. Continue reading
ATO plans Security Bonds to beat phoenix activity
The ATO is seeking amendments to its powers with the introduction of the Draft Tax Laws Amendment Bill 2010 that will give the ATO discretionary power to demand security deposits from businesses as part of securing likely or expected tax obligations. Continue reading
CRS Warner Kugel trading as The Insolvency Experts 2011. All rights reserved