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DISRUPTING PHOENIX ACTIVITY

  The term “phoenix activity” does not appear in statutes but has for many years been used to describe a sale of business assets to a related party for no consideration or less than market value with the intention of defeating creditors. The Corporations Act 2001 and its predecessors, have for decades contained laws in […]

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ARE YOUR CLIENTS “REALLY” READY FOR SINGLE TOUCH PAYROLL?

What is Single Touch Payroll? It is the reporting of all wages and associated on costs such as superannuation directly to the ATO at the same time the employees are paid. An employer who has 20 or more employees as of 1 April 2018; or is a member of a wholly owned group with 20 […]

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Video Blog – Insolvency – Options, types and what it means!

Nicholas Giasoumi, a Registered Liquidator and Registered Trustee in Bankruptcy, with over 27 years of experience makes his Hollywood debut.  Utilising his vast experience he summarises his insights into both personal and corporate insolvency detailing the types and options available to individuals and companies in financial distress and what it means for them.

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Five Good Reasons to Liquidate a Solvent Company

We have experienced an increase in the number of enquiries and formal members voluntary appointments (“MVL”) that are driven many factors.  Some of the increase can be attributable to directors and their advisors understanding that the cost to undertake a MVL is not as high as they might think.  In some instances however, applying to […]

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GRAND SALE! GRAND SALE! – SELLING AN INSOLVENCY ACTION

One of the “Other Matters” introduced on 1 March 2017 as part of the Insolvency Law Reform Act 2016 was to allow an external administrator or bankruptcy trustee, as the case may be, to assign “any right to sue that is conferred on the (external administrator / trustee) by this Act”. Previously external administrators and […]

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BANKRUPTCY & INHERITANCE – WHO KEEPS THE $$$$$?

Upon bankruptcy, divisible property, which includes but is not limited to a bankrupt’s  house, shares, vehicles in excess of the threshold amount,  vest in the bankrupt estate for the benefit of creditors. Additionally, after acquired property vests as soon as it is acquired by or devolves on the bankrupt. The two most common examples of […]

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