South Australian small businesses are facing a choice between calling in the liquidators or bringing in restructuring firms to go on payment plans amid mounting tax debts owed to the Australian Tax Office (ATO). At an information night held three weeks ago by licensed small business restructuring (SMB) firm Small Business Restructuring Specialists, five clients…
Brett McGrath, President of the Law Society of NSW, has renewed calls for a debt relief scheme to incentivise lawyers to practice in rural, regional, and remote (RRR) areas. During a visit to Lismore, which experienced a significant exodus of lawyers following the devastating floods in 2022, McGrath highlighted the urgent need for legal services…
The involuntary bankruptcy threshold will lift from $10,000 to $20,000, Attorney-General Mark Dreyfus says, giving debtors more breathing room before their creditors can launch court action. On Monday, Attorney-General Dreyfus said the federal government will introduce a suite of reforms to the bankruptcy system, bringing it up to speed with the contemporary economic landscape. In…
It has been 33 years since the “recession we had to have” in 1991. Fears that Australia would enter a technical recession during 2023 didnt eventuate. At the time of writing, our economy continues to still be resilient (relying on massive population growth through migration) despite ongoing decreasing consumer sentiment but another year of slow…
Australia will see a raft of reforms to the national bankruptcy system introduced so that debtors involved in personal insolvency matters receive fairer outcomes. On Monday, Attorney-General (A-G) Mark Dreyfus said key changes would lift the stigma associated with filing for bankruptcy. The changes include increasing the timeframe in which a debtor may respond to…
By Stephen Johnson, Economics Reporter For Daily Mail Australia Published: 12:18 AEST, 9 July 2024 | Updated: 13:15 AEST, 9 July 2024 Aussies planning an overseas holiday may find they can’t leave Australia if they have unpaid debts of $10,000 or more, a leading pe… Read the full article at: https://www.dailymail.co.uk/news/money/article-13613887/Personal-finance-effie-zahos-debt-bankruptcy-kill-overseas-holiday.html
The Australian Government will introduce reforms to ensure Australia’s bankruptcy system is fairer and operates in the best interests of all Australians. Key changes include: Increasing the threshold for involuntary bankruptcies from $10,000 to $20,000, with the threshold to be indexed each year; Increasing the timeframe in which a debtor may respond to a bankruptcy…
The involuntary bankruptcy threshold will lift from $10,000 to $20,000, Attorney-General Mark Dreyfus says, giving debtors more breathing room before their creditors can launch court action. On Monday, Attorney-General Dreyfus said the federal government will introduce a suite of reforms to the bankruptcy system, bringing it up to speed with the contemporary economic landscape. In…
Jul 7, 2024 10.30pm Subscribe to gift this article Gift 5 articles to anyone you choose each month when you subscribe. Subscribe now Already a subscriber? The threshold for involuntary bankruptcy will rise to $20,000 and bankrupts will have their official records cleared after seven years, under an overhaul of personal insolvency laws being unveiled…
Australia will see a raft of reforms to the national bankruptcy system introduced so that debtors involved in personal insolvency matters receive fairer outcomes. On Monday, Attorney-General (A-G) Mark Dreyfus said key changes would lift the stigma associated with filing for bankruptcy. The changes include increasing the timeframe in which a debtor may respond to…