A recent court case has demonstrated to trustees the withdrawal and transfer of superannuation benefits prior to declaring bankruptcy will not protect those assets from creditors claims even if they remain within the retirement savings system, according to an SMSF technical specialist. Heffron head of education and content Lyn Formica noted this outcome had occurred…
Latest monthly figures from the Insolvency Service for England & Wales have indicated that personal insolvency figures fell by 4% in May 2024 with a total of 9,266 personal insolvencies registered when compared to last month. Personal insolvencies decreased by 7.2% when compared May 2022s total of 9,986 and decreased by 15.7% compared to pre-pandemic…
Data from the Australian Financial Security Authority (AFSA) has found a significant rise in personal insolvencies for the March 2024 quarter. According to the report, there has been a 19.5% increase compared to the same period last year. Unsurprisingly, economic challenges have been contributing to this rise, including cost of living pressures. However, a large…
A building company that straddled two different states and territories has collapsed, leading to a domino effect impacting 130 projects and 80 staff members. On Friday, creditors voted to place Cubitts Granny Flats and Home Extensions into liquidation. The builder worked in both NSW and the ACT and been in business for 30 years. News.com.au…
By David Jones Published: 02:28 AEST, 15 June 2024 | Updated: 17:45 AEST, 15 June 2024 Dismayed by the news that one of Britains greatest ever Olympians had been declared bankrupt, I had been trying all week to contact Sir Bradley Wiggins and hear his side… Read the full article at: https://www.dailymail.co.uk/news/article-13530791/Bradley-Wiggins-homeless-cycling-gold-medals-Olympian.html
Key Points Bankruptcy lasts for three years but the consequences can last much longer. Bankruptcy wont release you from all your debts. Always seek the advice of a financial counsellor. Bankruptcy is a legal process that helps you regain financial control by releasing you from most of your debts. It allows you to start fresh.…
Sir Bradley Wiggins, the first Briton to win the Tour de France, has been declared bankrupt amid financial difficulties with his businesses. The cyclist, who also won eight Olympic medals, including five golds, has had a troubled relationship with his business ventures since retiring in 2016. Wiggins Rights Limited, which owns the trademarks to Bradley…
A recent court case has demonstrated to trustees the withdrawal and transfer of superannuation benefits prior to declaring bankruptcy will not protect those assets from creditors claims even if they remain within the retirement savings system, according to an SMSF technical specialist. Heffron head of education and content Lyn Formica noted this outcome had occurred…
Latest monthly figures from the Insolvency Service for England & Wales have indicated that personal insolvency figures fell by 4% in May 2024 with a total of 9,266 personal insolvencies registered when compared to last month. Personal insolvencies decreased by 7.2% when compared May 2022s total of 9,986 and decreased by 15.7% compared to pre-pandemic…
The National Company Law Tribunal, Delhi Bench, comprising Shri Bachu Venkat Balram Das (Judicial Member) and Shri Atul Chaturvedi (Technical Member), while adjudicating an application under Section 95 of Insolvency and Bankruptcy Code, 2016 (IBC, 2016) has held that the applicant has approached all possible forums for remedies, constituting forum shopping. It was stated that…