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…
DetailsKey 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.…
DetailsThe JetAir website is now dominated by a bankruptcy notice. Credit: jetaircaribbean.com United Caribbean Airlines, which operated under the name JetAir Caribbean, has been declared bankrupt by the courts in Curaao, the island in the Dutch Caribbean where JetAir operated from. The Court of First Instance in Willemstad, Curaaos capital, appointed C.M. van Liere and…
DetailsBy 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
DetailsA 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…
DetailsLast 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…
DetailsWith businesses collapsing at levels not seen since 2012, Grant Thornton Australias John McInerney suggested that the small business restructuring scheme could be a more favourable option than a payment plan. He made the comments ahead of his session at the ACE24 Accounting Conference and Expo 2024, where he will unpack how accountants can help…
DetailsThe British-based restructuring firm spun out of KPMG three years ago is to stage another raid on the accountancy giant by acquiring a unit of its French operation. Sky News has learnt that Interpath Advisory is in advanced talks to acquire KPMG‘s restructuring division in France, with a deal possible as soon as next month.…
DetailsWhat is the Small Business Restructuring process? Australias Small Business Restructuring (SBR) process is a formal insolvency process introduced by the Federal Government in 2021 to give small businesses the opportunity to restructure their debts while directors remain in control of the business, under the supervision of a restructuring practitioner. The SBR process involves a…
DetailsSK Group’s headquarters building SK Group, South Koreas second-largest business group in terms of total assets, has asked the countrys state-run Korea Development Bank for more funding as it is set to streamline its business to focus on promising growth engines, such as batteries and chips, after years of ineffective investments. According to sources with…
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