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Mortgages vs Leases – time for a moratorium?

The National Cabinet is meeting tonight to finalise plans on how to deal with leases and tenancies due to the economic turmoil. A careful balance must be struck between tenants, landlords and their creditors (like banks, body corporates, land taxes, rates, utilities, etc). A moratorium on commercial leases and any attaching personal guarantee is strongly…

$20k court wind-ups and 6 months to respond

Mix of my LinkedIn Articles from Sunday 22/3/2020 and Monday 23/3/2020 … BREAKING 22/3/2020: The government has just announced (in its stimulus package) an increase to the threshold at which a creditor can take action to initiate insolvency from $2,000 to $20,000 and giving companies six months instead of 21 days to respond. It probably…

More holes than a block of swiss cheese

Registered bankruptcy trustee remuneration is in the news again, thanks to the annual report produced by Australian Financial Security Authority (AFSA). It really should not be! AFSA have concluded that the remuneration system doesn’t appear to be working effectively and that the level of dissatisfaction with remuneration is higher than the yearly number of complaints…

SPER registering PMSI’s

Anecdotally we are noticing an uptick in QLD State Penalties Enforcement Registry actions whereby personal property (like trucks and motor vehicles) are having security interests registered against them by SPER for relatively small debts (say less than $10k). According to SPER, their enforcement action rights include the ability to register a security interest on the…

DPN’ing the corporate veil

Directors may start being held personally liable for ATO debts owed by their company from 1 April 2020. Any remnants of the corporate veil, are now well and truly gone. The move comes after the Government introduced new legislation designed to tackle illegal phoenix activities. I previously warned last year about this new legislation. When…