Navigating Bankruptcy in Australia – What You Need to Know About Property Revesting (Part 2)
In Part 1 of this series, we explored the concept of “divisible property” under the Bankruptcy Act 1966 (“the Act”) and a common misconception that this type of property, such as real estate, automatically reverts back to bankruptcy upon discharge from bankruptcy after the normal three-year period. However, in reality, the Act prescribes that the […]
Is Superannuation at Risk in Bankruptcy?
In Australia, there’s one class of assets that typically gets protection from creditors – and that is superannuation. This safeguard is part of a government initiative designed to ensure that even those who face financial hardship and end up a bankrupt can still afford to provide for their retirement. It’s a safety net that allows […]
Protecting Your Finances When Bankruptcy Meets Non-Compliant SMSFs
As individuals in Australia seek to secure their retirement savings, understanding the complex relationship between personal bankruptcy and Self-Managed Superannuation Funds (SMSFs) becomes crucial. This interplay presents unique challenges for both individuals navigating their financial futures and the financial advisors guiding them. This article explores the implications of bankruptcy on SMSFs and highlights the importance […]
Debunking Insolvency Myths: Why It’s Not the End, But a New Opportunity
Insolvency is often misunderstood, leading many business owners to see it as the ultimate failure. However, a 2022 report by ASIC found that over 35% of Australian businesses entering voluntary administration successfully restructure, survive and return to profitability. Some of Australia’s largest corporations, including Virgin Australia, have faced insolvency, only to emerge stronger and more […]
The Impact of Vape Bans on Business Owners in Australia
Effective 1 July 2024, the sale, supply, manufacture, importation, and commercial possession of non-therapeutic vapes in Australia is prohibited under the Therapeutic Goods and Other Legislation Amendment (Vaping Reforms) Bill 2024. Following a Senate meeting on 24 June, the Federal Senate voted in favour of this Bill, making the sale of all vaping products illegal […]
A caveat has been lodged on my property!
Discovering that a caveat has been lodged on the title of your property can be an unpleasant surprise. Whether you or someone you know has encountered this situation, it’s helpful to understand what this means and to be aware of the appropriate steps you can take to respond appropriately. What is a caveat? A caveat […]
Should I become a Director? Part 4 – A Guide for new directors – tips to prevent or reduce personal exposure.
It is widely recognised that directors hold a crucial position in any business, whether within an established company or if embarking on a new business venture. Consequently, it is essential for directors to possess a comprehensive understanding of their obligations and responsibilities. Director’s role In previous articles, we highlighted the complexity of the director’s role […]
Should I become a Director? Part 3 – A Guide for New Directors – Understanding the personal exposure
The decision to become a director, whether in a new business venture or an established company, is one that demands serious consideration. Individuals must understand whether becoming a director is the best approach to their business ventures and weigh-up the associated risks and benefits in order to make an informed decision. Recent legislative reforms have […]
Should I become a director? Part 2 – A Guide for New Directors – know your duties and risks.
Part 2 of a 4-part series Directors play an essential role in well-functioning organisations. However, as discussed in our previous article, contemplating whether to become a director is a complex decision that requires careful consideration. This article explores the fundamental role and numerous duties and obligations that directors are entrusted with as part of their […]
Should I become a director? Part 1 – A Guide for New Directors – know your duties and risks
(Part 1 of a 4-part series) All business owners are advised at some point to register a company and become one of its directors to transact their business through a corporate structure. The question is should they become a director, and what are the implications? Registering a company is a simple process. Individuals can register […]
