A one year bankruptcy or a 5 year debt agreement – Senate recommendations

The reports of the Senate Legal and Constitutional Affairs Committee on the one-year bankruptcy (BAEI Bill) and the debt agreement bill (BADAR Bill)[1] have accepted the reduction in the period of bankruptcy to one year, subject to a curious recommendation based on the views of ASIC. That recommendation is to amend the Corporations Act “to…

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Protecting Your Family Assets From the Creditors of Bankrupt Beneficiaries

  The Importance of Having a Will It is vitally important for individuals to consider the distribution of their current property and assets upon their death. A diligent lawyer will not only consider the present position of the testator’s chosen beneficiaries, but also the likely evolution of their situations.  A prudent lawyer will account for…

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Liquidators and administrations – in a dispute about priority between creditors, when will a judgment creditor prevail over a secured creditor?

Generally, a secured creditor is entitled to stand outside the insolvency process and seek to have any secured property excluded from being used to satisfy the unsecured debts. In the case of a floating charge (a security interest held over a fund of changing assets), whether or not the asset is captured by the floating…

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Service of Bankruptcy Notices on Debtors Last Known Address

  Legal practitioners, credit managers, liquidators and finance and credit professionals alike are familiar with the precise details with which a Bankruptcy Notice must be prepared and served on a debtor, where even the tiniest mistake may have the potential to have the Bankruptcy Notice set aside. A common way for a Bankruptcy Notice to…

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