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So Bankruptcy lasts 3 years right?

 Not for one unlucky guy, who did everything right (or at least that’s what everyone thought). Ken knew he was about to be made bankrupt in court in September 2016, so he took it upon himself to fill out his statement of affairs (“SOA”) and sign it a few days before he was made bankrupt.…

Bankruptcy notices and pseudonyms

Can a bankruptcy notice (BN) use pseudonyms? Yes, according to a Federal Court case handed down on Thursday. Imagine, you receive a notice of an application to make you a bankrupt and all the notice says is: – your name is LF DB – the creditors name is Ms S M – you owe $6.55…

Payments from income protection policies may be assessable income

Income protection payments from personal injury are, according to a very recent Federal Court case, assessable income under the Bankruptcy Act. This means the bankrupt was liable to pay contributions! Under the Bankruptcy Act, a bankrupt who earns over the prescribed income threshold, in this case $54,737, is liable to pay income contributions to the bankrupt estate.…

Bankruptcy in 1 year

Bankruptcy period just confirmed to be reduced to 1 year. The Senate Legal and Constitutional Affairs Committee have just moments ago handed down their report recommending that the bankruptcy period be reduced to 1 year from 3 years. In what will be discussed at length (and disagreed with) by many in the insolvency profession, the only…