Insolvencies average dividend returns to unsecured creditors of under 5 cents in the dollar, in some cases, under 1 cent. For your unpaid debt of $10,000, you may receive $100, some months or years later. Much of insolvency is based on fiction. I’d like …
Property prices Perth ‘as good as it’s likely to get’ for rental affordability With little new housing stock – especially at the lower end – the WA capital is in for a time of surging rents when the market picks up. ‘Confidence is sadly returning …
The law requires those people in bankruptcy to record their assets and liabilities in a ‘statement of affairs’. It is an important document because the trustee needs to know what assets are available that can be sold to try to pay back creditors. Most …
NSW law can remove a person’s right to practice their job for up to 6 years, in the person has gone bankrupt, well beyond what is the present 3 year period of bankruptcy. A real estate agent had his licence cancelled until 2024 by the …
The latest Insolvency Law Bulletin will be out shortly, covering a range of current cases and issues in both personal and corporate insolvency. The ‘reviewing liquidator’ was a novel introduction into the law, one of many introduced by the Insolvency Law Reform Act 2016. We …
In an account of the interaction between lawyers and the newly titled accountants in 19th century England, it has been explained that while accountants were listed among those being able to conduct the administration of estates under the 1831 Bankruptcy Act, lawyers were not included.[1] …
ASIC has failed in an application to have an inquiry conducted into joint liquidators’ conduct – Hurst and Wily – in respect of companies that went into liquidation in 2009, with the last of them being deregistered in 2011. The liquidators had parted company in …
Easier processes to recover unclaimed moneys in bankruptcy commence at the end of June 2019. The Official Receiver in Bankruptcy will be able to decide upon such claims, in the same way that ASIC has done for some years. See Unclaimed moneys. A right of …
INSOL Academics in Singapore on 1-2 April 2019 and the following day’s meeting of academics at the National University of Singapore provided a number of thought-provoking presentations, which then serve to prompt connections with local Australian issues. Here is one series of connections. Climate change …
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Michael Murray