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
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
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 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
Mr Pasquale Lanciana, also known as Percy Lanciana, was convicted yesterday in the Sunshine Magistrates’ Court after pleading guilty to eight charges brought by ASIC.
Mr Lanciana, a concrete panel builder, based in Maidstone, Victoria, was fined $4000 for managing Victoria Pre Cast Pty Ltd while disqualified. Continue reading
Pursuing payments should be a priority for small and medium businesses. Continue reading
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
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
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