If you become bankrupt, your bankruptcy trustee can sell or realise any assets which you own which are divisible property. This includes things like your interest in your house, shares in public companies, your car (if valued over a certain amount) or any significant cash at bank. But often people don’t know that a bankruptcy… Read more »
Earlier this year there were changes in the way you have to go about filing for bankruptcy. These changes are supposed to simplify how you can become bankrupt and how data regarding bankruptcy is captured. So how do you go bankrupt? And what should you consider before you do?
Our client’s problem We were recently referred a property developer client who had two companies which were involved in a failed property development in northern New South Wales. The companies had limited assets and they owed several hundred thousand dollars to creditors.
Coronavirus has already had a devastating impact on businesses and it appears that the financial impact will be felt for years to come. If your business is in trouble it can be difficult to know where to turn or what to do. So, we have put together this list of tips for you to follow… Read more »
From 1 April 2020, the ATO will be able to issue Director Penalty Notices for a company’s unpaid GST. This article summarises how GST Director Penalty Notices will apply.
We were recently referred a client who was being pursued for a debt by Timbercorp Finance Pty Ltd (‘Timbercorp’). The debt totalled over $130,000 including interest, which was continuing to accrue.
Often when a business owner signs a credit application for their business, they don’t know that they are signing a personal guarantee let alone a guarantee, which has a charging clause. However, the risks and impacts of guarantees with charging clauses can be significant.
If you become bankrupt, your bankruptcy trustee will be able to sell some of your assets. But there are various assets which are protected and which your trustee cannot sell. So, what assets can and can’t be sold?