ARE AUSTRALIANS MANAGING THEIR PERSONAL DEBT BETTER? BANKRUPTCIES ARE AT THEIR LOWEST LEVEL IN 23 YEARS!

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ARE AUSTRALIANS MANAGING THEIR PERSONAL DEBT BETTER? BANKRUPTCIES ARE AT THEIR LOWEST LEVEL IN 23 YEARS!

by Paul Gidley31.01.19

Are Australians managing their personal debt better? Bankruptcies are at their lowest level in 23 years! The Australian Financial Security Authority (AFSA) has now released their December 2018 quartr
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DE FACTO DIRECTORS AND INSOLVENT TRADING – A DANGEROUS COMBINATION FOR SOLE DIRECTOR’S SPOUSE

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DE FACTO DIRECTORS AND INSOLVENT TRADING – A DANGEROUS COMBINATION FOR SOLE DIRECTOR’S SPOUSE

by Paul Gidley30.11.18

The sole-director applying their skills onsite while their spouse or partner ‘manages the books’ is a common Australian small business structure.
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AUSTRALIAN FINANCIAL COMPLAINTS AUTHORITY OPEN FOR BUSINESS FROM NOVEMBER 1ST

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AUSTRALIAN FINANCIAL COMPLAINTS AUTHORITY OPEN FOR BUSINESS FROM NOVEMBER 1ST

by Paul Gidley23.10.18

Any new complaints by consumers or small businesses (100 employees or fewer) against financial firms will be handled by a single point of contact, the Australian Financial Complaints Authority (AFCA),
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STEERING CONSTRUCTION CLIENTS THROUGH THE HOUSING ‘PERFECT STORM'

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STEERING CONSTRUCTION CLIENTS THROUGH THE HOUSING ‘PERFECT STORM'

by Paul Gidley27.09.18

You would have to have your head and shoulders in the sand to miss analysts’ gleeful reporting of property market portents. It appears they enjoy nothing more than a very public stoush.
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UPDATE: NEW DEBT AGREEMENT LEGISLATION

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UPDATE: NEW DEBT AGREEMENT LEGISLATION

by Paul Gidley26.09.18

The changes to the legislation are set to impose stricter practice standards for debt agreement administrators and allows the regulator additional investigative power to address misconduct.
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DIRECTOR PENALTY REGIMES AND INSOLVENT TRADING – THEN, NOW, THE FUTURE

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DIRECTOR PENALTY REGIMES AND INSOLVENT TRADING – THEN, NOW, THE FUTURE

by Paul Gidley31.08.18

The draft of the latest tranche of insolvency law reform announced in the May 2018 budget has beefed up director penalties, created new offences to tackle illegal phoenixing.
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SG NEWS FLASH: ATO MEAN BUSINESS!

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SG NEWS FLASH: ATO MEAN BUSINESS!

by Paul Gidley03.08.18

The ATO has been making it known that disruption of illegal phoenix operations is a key agenda item for the Commissioner of Taxation.
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WILL THE “IPSO FACTO” STAY REALLY HELP SMES TRADE OUT OF DIFFICULTIES?

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WILL THE “IPSO FACTO” STAY REALLY HELP SMES TRADE OUT OF DIFFICULTIES?

by Paul Gidley31.07.18

Contractual “ipso facto” clauses historically allowed a party to a contract to unilaterally terminate or modify the contract in response to an insolvency event affecting the counterparty.
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WILL CHANGES TO GST WITHHOLDING ON RESIDENTIAL PROPERTY SALES FOIL ILLEGAL ‘PHOENIXING’?

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WILL CHANGES TO GST WITHHOLDING ON RESIDENTIAL PROPERTY SALES FOIL ILLEGAL ‘PHOENIXING’?

by Paul Gidley28.06.18

After several failed attempts to prevent illegal ‘phoenixing’ regarding GST in the property development industry, the ATO has settled on a broad-brush legislative solution
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LIQUIDATORS ASSIST ASIC IN DIRECTOR PROSECUTIONS FOR PHOENIX ACTIVITY

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LIQUIDATORS ASSIST ASIC IN DIRECTOR PROSECUTIONS FOR PHOENIX ACTIVITY

by Paul Gidley02.05.18

According to recent information released by ASIC, it has won some minor battles in its ongoing war in combatting illegal phoenix activity, resulting in several convictions and disqualifications.
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KNOCKED OVER BY A FEATHER(STONE)!

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KNOCKED OVER BY A FEATHER(STONE)!

by Paul Gidley11.11.17

Recent Court rulings in Queensland may be the beginning of a paradigm shift by the legislature in favor of liquidators’ recovery powers.
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ARE PROPOSED ‘ILLEGAL PHOENIXING’ REFORMS COUNTERPRODUCTIVE?

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ARE PROPOSED ‘ILLEGAL PHOENIXING’ REFORMS COUNTERPRODUCTIVE?

by Paul Gidley20.10.17

Given the fine line between ‘illegal phoenixing behaviour’ and legitimate restructuring activities, the jury’s out on whether planned reforms can deliver the right outcomes.
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