There is a growing fear among legal consultants to insolvency practitioners, that recently announced Federal Government reforms aimed at curbing phoenix activity, will be ineffective. (See Budget reforms set to combat illegal phoenixing with extension of DPN to GST, and Federal Government uses budget initiatives to further clip the wings of phoenix operators published on this website on June 18). Read More
A Federal Government hotline and website have been established to encourage people to report phoenix activity. Phoenixing - in which directors strip companies of assets, put them into liquidation to escape creditors, and operate their businesses very much as usual from other entities - is costing the Australian economy about $5 billion annually through unpaid wages, invoices and tax bills. Read More
As mentioned in past articles, the Personal Property Securities Register (PPSR) is the single, National register of security interests in personal property in Australia. Please see the following link if you require general information on what the PPSR is or its operation: Macks Advisory – PPSR Articles As you may be aware, when you register your security interest on the PPSR, you will be asked to provide a duration time for the registration. Read More
When should you decide financial trouble is too much worry for you, and elect to go bankrupt? Is filing for bankruptcy really your best option? Bankruptcy may indeed be the most promising path to a new start, but it may not. Read More
Business owners are demanding replacement of a compensation scheme, administered at the discretion of the Commissioner of Taxation, for victims of wrongful assessments. This is concurrent with their condemnation of draft legislation allowing the Australian Tax Office (ATO) to notify credit-reporting agencies of alleged debt. Read More
The Bankruptcy Amendment (Enterprise Incentives) Bill 2017 will lessen Australian entrepreneurs’ aversion to risk – as distinct from existing law that tends to heighten their fear of failure. Read More
