Bankruptcy and Insolvency Law – Director Penalty Notices

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On 29th June 2012, the government amended the Tax Laws to crack down on phoenix operators.

Previously Company Directors could avoid personal liability if:

  1. The company’s liability was discharged; or
  2. The company is placed into administration; or
  3. The Company is wound up and a liquidator is appointed;

within 21 days from the date of the issue of a Director Penalty Notice.

The major change provides a much tighter time frame for Directors to avoid personal liability for outstanding superannuation and PAYG tax. If the liability for ...

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28
AUG
0

Bankruptcy & Insolvency, Commercial

Estate Planning – Too Difficult?

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Estate Planning – Too Difficult?

Most people seem to be aware of the importance of making a Will, however, very few people are aware of the tax advantages and asset protection advantages of making a Will which contains a testamentary trust. Now, more than ever, with the tax free thresholds being substantially increased is the time to seek the proper legal advice in this area. A properly made Will containing a well drafted testamentary trust may result in your loved ones taking advantage of substantial ...

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28
AUG
0

Uncategorized, Wills & Deceased Estates

Buying or selling residential property? – Get the right advice

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All too often buyers and sellers enter into Contracts for the sale and purchase of residential property without first consulting their solicitors. Unfortunately, failure to obtain proper legal advice before entering into a contract may result in adverse and costly consequences.

It is important to note that real estate agents are generally not legally trained and sometimes in circumstances where the parties have not obtained legal advice, adequate disclosures are not made on behalf of the sellers or proper provisions have ...

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28
AUG
0

Property

Personal Property Security Register – Potential Disaster

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If you provide leasing finance, or have lent money for the purchase of an asset by a third party, your interest in the asset may be lost in the event of the third party going into liquidation. This can also extend to the leasing, hiring or lending of assets to third parties. We strongly recommend that you register your security interest on the Personal Property Security Register. To obtain the highest level of priority, this should be ...

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28
AUG
0

Finance, Insurance, Property

Not Quite the Result He Was Looking For!

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An Applicant found himself in the unfortunate position of having an award of costs on an indemnity basis made against him in the Supreme Court on 18th August 2014.

The Plaintiff described himself as His Royal Highness, King of the Whiting Kingdom, Baron of the Whiting region, King Steven 1 ATF Steven James Whiting. As it turned out Mr Whiting represented himself, seeking to have Family Court orders which had been made in favour of his wife, reversed. In ...

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28
AUG
0

Commercial, Family

Proofs of Debt – Should a Secured Creditor Lodge One in a Liquidation?

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If you are a creditor of a Company placed into Liquidation, but you are holding a security such as a mortgage or Personal Property Security Act charge over property of that Company, you should take legal advice before you respond to a request by the Liquidator to lodge a proof of debt.

Section 554E of the Corporations Act, provides for a secured creditor to surrender their security and prove for the whole debt balance, or realise that part ...

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28
AUG
0

Uncategorized

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