In early submissions to the Senate’s inquiry into administrators and liquidators, CRS Warner Kugel partner Steven Kugel said the Australian Securities and Investments Commission needed to take a similar approach to that of the bankruptcy industry. (more…)
He could be the modern-day Nostradamus of the finance world. In his books he predicted the dot.com and housing market crashes. (more…)
The Deputy Commissioner of Taxation has lodged a claim in the Supreme Court of Queensland against Mr Young for $1,033,855, plus interest and legal costs.
The ATO alleges that Mr Young - whose up-market whitegoods company collapsed owing $82m to creditors - failed to pay 14 months’ worth of “pay as you go” deduction debts.
Under Australian tax law, the directors of a company may be held personally liable for PAYG debts - unless they make a repayment plan with the tax office, appoint an administrator or start to wind up the company.
The statement of claim by the tax office, filed in the Supreme Court in Brisbane on July 10, says that Mr Young was a director of Kleenmaid Retail Pty Ltd from September 1, 2007, until February 23 this year.
It lists the company’s monthly PAYG deductions as ranging from $51,835 to $111,171 during Mr Young’s time as a director.
“The defendant is liable to pay to the commissioner the total sum of the penalties, which is $1,033,855,” the statement of claim alleges.
If you receive a director penalty notice – you must act on it before the 14 day period expires. if you fail to do so, you will be in the position of these directors.
Call Liquidation Direct for insolvency advice on 1300 767 525 or 1300 100 285
The members of a solvent company may decide to wind-up the company under s491 of the Corporations Act 2001 (the Corporations Act). (more…)
The Australian arm of US restaurant chain Hooters has been placed in liquidation.
The Hooters chain in Australia had restaurants in Parramatta, Cronulla and Mermaid Beach. (more…)
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