Manchester-based company believed to be offering insolvency practitioner services when it was not authorised to do so is wound-up in court. Save Consultants Ltd claimed to provide insolvency practitioner services when none of its current or former directors were licensed Its actions risked undermining the insolvency regime and the companys directors refused to explain its…
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…
Attorney-General Mark Dreyfus said the amendments would ensure a fairer outcome for debtors in the personal insolvency system. Subscribe Subscribe to Regulation Asia to gain access to APACs leading platform for news, analysis, research and verified data on financial regulation. Select subscribe below to view our subscription packages or you can email us at [email protected]…
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…
Normal text sizeLarger text sizeVery large text size The number of people entering personal insolvency in the year to June 30, 2024 was 20 per cent higher than the preceding financial year, as more people find themselves unable to repay debts. Personal insolvency includes bankruptcies and debt agreements, and a relatively small number of insolvency…
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…
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…
A 16-year-old Melbourne boy was able to gamble nearly $100,000, including at suburban pubs, despite his mother desperately seeking help, a court has heard. The Melbourne magistrates court heard that when his mother discovered his gambling habits, she began a frantic mission to get him help, only to be repeatedly turned away. In April last…
Victoria’s Supreme Court of Appeal has wiped a punter’s $150,000 debt after ruling paperwork failures rendered the bets invalid. Bookmaker David McLauchlan took action against punter Allen Ng after the punter incurred hefty losses between February and April 2020. The County Court ruled in McLauchlan’s favour in 2022, ordering Ng to pay the debt and…
Last week I scored a trifecta, managing to upset people in three ways. First, for my supposed anti-immigration stance, second, for hating on Elon Musk (the bromance is still strong with some readers, even though his car company is as bad as the rest in terms of spying on drivers) and, finally, from animal lovers…